Programmable chip maker Actel Corp. (ACTL) on Thursday lowered its revenue and gross margin outlook for the second quarter, citing lower-than-anticipated shipments of radiation-tolerant devices to the satellite market.
The Mountain View, California-based company said it now expects second quarter revenue to decline 5% to 9% sequentially, compared to its prior guidance of a 1% to 7% decline. Based on the company's first quarter revenue of $48.5 million, the latest guidance of 5% to 9% decline implies second quarter revenue of $44.1 million to $46.1 million.
The company said it now gross margin for the second quarter to be about 57% or 58%, compared to its prior guidance of 59%.
Although bookings have been strong to date, the turns component of bookings has been below expectations, Actel noted.
Actel shares closed Thursday's regular trading session at $11.43, up 26 cents or 2.33%.
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