Vitesse Semiconductor trimmed its financial guidance for its fourth quarter of fiscal year 2011, which ended on September 30, 2011, saying it now expects the following ranges for guidance: revenues $29.0 to $30.5 million; product margins 57 to 59 percent; and GAAP operating expenses $24.1 to $24.7 million.
The previous outlook for the period was for revenues of $35.0 to $38.0 million; product margins 59 to 61 percent; and GAAP operating expenses of $21.5 to $23.0 million.
“We continue to see softening of global demand as a number of customers manage through existing inventories and curtail purchases due to economic conditions that are impacting performance broadly across our sector, particularly in the Asia Pacific region,” said Chris Gardner, CEO of Vitesse. “A delay in an intellectual property contract also contributed to our reduced revenue expectation. In the quarter, we took actions to further reduce our operating expenses. These measures will reduce 2012 operating expenses by approximately $10 million as compared to 2011.”
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