Applied Micro Circuits cuts 4th-qtr outlook
(Reuters) - Chipmaker Applied Micro Circuits Corp (AMCC.O) cut its fourth-quarter forecast, sending its shares down 7 percent after the bell.
The San-Jose, California-based company said it now expects an adjusted loss of 10 cents to 12 cents a share, wider than its prior forecast of a loss of 7 cents to 8 cents per share.
Applied Micro Circuits also expects revenue 6 percent lower than the midpoint of its previous forecast of $52 million.
Analysts on an average are expecting an adjusted loss of 8 cents a share on revenue of $52 million, according to Thomson Reuters I/B/E/S.
The company said revenue was hurt by slowness in the service provider space and the overall wire line market weakness, adding that it would give more details when it announces its fourth-quarter results on April 26.
Separately, the chipmaker said it amended its merger agreement with Veloce Technologies Inc, and is now expected to acquire the company in May or June 2012.
Shares of Applied Micro Circuits were trading down 7 percent at $5.89 in after market trade on Tuesday. They closed at $6.34 on Tuesday on the Nasdaq.
(Reporting by Chandni Doulatramani in Bangalore; Editing by Roshni Menon)
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