General Semiconductor, which specializes in power management devices, lowered earnings guidance today for its fiscal first quarter. First-quarter revenue is expected to be 14 to 16 percent below the $119.9 million reported in the previous quarter, the company said in a statement. Diluted earnings per share are expected to be 12 to 14 cents.
The company blamed excess inventory and other side effects of the ongoing tech slowdown. "Our customer base continues to be affected by the broad-based economic slowdown," said CFO Robert J. Gange. "As a result, the increase in order rates we projected for late February and early March has not materialized, and we now expect first-quarter results to be lower than our earlier guidance."