Chip maker Techwell, Inc., (TWLL), Wednesday raised its fourth quarter revenue forecast from its prior guidance, riding on the back of stronger demand from two key end markets.
San Jose, California-based Techwell now expects fourth quarter revenues in the range of $21 million to $23 million, up from its prior guidance range of $19 to $20 million, or an increase of 6% to 11% from the third quarter of 2009.
On average, four analysts polled by Thomson Reuters currently expect sales of $19.43 million for the quarter.
The mid-point of the revised guidance range represents an increase of 22% sequentially from revenues of $18 million reported for the preceding quarter ended September 30, 2009 and an increase of 33% annually from revenues of $16.5 million reported in the quarter ended December 31, 2008.
The increased forecast primarily reflects stronger demand in two of Techwell's key end markets, security surveillance and automotive infotainment. Techwell said it expects the strong demand in both key end markets to continue into 2010.
TWLL is currently trading at $10.95, up $0.33 or3.11%, on a volume of 0.23 million shares.
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