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FORT WASHINGTON, Pa. - Microchip manufacturing equipment supplier Kulicke & Soffa Industries Inc. on Wednesday forecast a disappointing fiscal fourth quarter due to weak demand.
The company said it expects approximately $160 million in revenue in the fourth quarter, which ends Sept. 30. On average, Thomson Financial reports that analysts expect $193.7 million in revenue.
Excluding the cost of gold metal, revenue is expected to be $66 million.
Shares of Kulicke & Soffa fell $1.17, or 17.6 percent, to $5.47 in afternoon trading.
"The industry is in about the same place it was a quarter ago," Chief Executive Scott Kulicke said. "However, we do not believe these soft conditions can last for too long and we are planning on a 2009 upturn."
Analysts expect Kulicke & Soffa's profit to more than double in the next year, rising to 55 cents per share in 2009 from 25 cents per share in 2008. They expect revenue to grow less than 1 percent, to $778.3 million.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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