MILPITAS, Calif. (AP) — The chipmaker Intersil Corp. forecast disappointing third-quarter sales on Tuesday, citing the weak PC market.
Intersil said it will report about $151 million in revenue for the quarter that ended Sept. 28. That's down 19 percent, or about $36 million, from a year ago and a decrease of 7 percent from the second quarter of 2012.
Analysts expected Intersil to report $159.7 million in revenue, according to FactSet.
"Weakness in the worldwide personal computing business was the primary driver of lower revenue in the third quarter," the company said in a news release.
Shares of Intersil have been trading at their lowest prices since December 2008, and the stock lost another 17 cents, or 2.2 percent, to $7.14 in midday trading.
Intersil said 57 percent of its revenue came from the industrial and infrastructure markets in the most recent quarter, up from 52 percent a year ago. The proportion of revenue that came from the personal computing and consumer markets decreased compared to last year.
Intersil will report its full third-quarter results after the market closes on Oct. 24.
- Investment & Company Information