RF Micro Devices shares dropped sharply following weaker-than-expected revenue guidance.
NEW YORK (TheStreet) -- RF Micro Devices(:RFMD) cut its third-quarter revenue guidance by 10%, sending shares sharply lower in after-hours trading Thursday.
In the press release, RF Micro Devices said revenue for the quarter ending Dec. 31, 2011, was $225 million. The company had previously seen revenue of $250 million, and it also said gross margins will fall by 9 points. It blamed sales of 2G components to Chinese-based customers as part of the reason for the softness.
Analysts polled by Thomson Reuters expect revenue of $250.2 million and 12 cents per share in earnings.
RF Micro Devices said that it will provide additional guidance when it reports earnings on Jan. 24, 2012.
Shares are down sharply in after-hours trading, off 11.9% to $4.97 on 206,000 shares, according to Nasdaq.com.
Interested in more on RF Micro Devices? See TheStreet Ratings' report card for this stock.
-- Written by Chris Ciaccia in New York
>To follow the writer on Twitter, go to http://twitter.com/commodity_bull.
>To submit a news tip, send an email to: firstname.lastname@example.org