January 23, 2013 / 10:00 PM / 5 years ago

UPDATE 1-Chipmaker LSI posts quarterly revenue above estimates

SAN FRANCISCO, Jan 23 (Reuters) - Chipmaker LSI Corp posted fourth-quarter revenue that was above expectations despite slow PC sales and a weak economy that have created uncertainty around demand for storage controllers.

The company said on Wednesday that revenue for the quarter rose 15 percent to $600.1 million, from the year-ago period.

Analysts were expecting revenue of $590.5 million for the fourth quarter, according to Thomson Reuters I/B/E/S.

The company’s shares were down 3 percent in after-hours trading after closing at $7.51 on the Nasdaq.

Sales of personal computers, which use hard drives made with chips sold by LSI, have been hit by a weak global economy and a shift by consumers to tablets and smartphones.

LSI estimated current-quarter revenue from continuing operations would be between $535 million and $575 million. Analysts on average expected current-quarter revenue of $576 million.

The company reported fourth-quarter net income of $29.1 million or 5 cents a share, after a year ago net loss of $1.8 million, or nil per share.

LSI, which gets about a third of its revenue from selling chips used in hard drives, said non-GAAP income per share from continuing operations in the first quarter would be between 9 cents and 15 cents.

Besides chips for hard drives, the company also sells chips for solid-state drives, networking and enterprise servers.

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