Reuters: Technology News: Chipmaker LSI's revenue misses estimate

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Chipmaker LSI's revenue misses estimate Oct 23rd 2013, 20:34 Wed Oct 23, 2013 4:34pm EDT (Reuters) - LSI Corp reported lower-than-expected revenue for the third quarter as demand for its storage chips fell, sending its shares down about 5 percent in extended trading. Revenue dropped about 3 percent to $607 million, missing the average market estimate of $611.4 million, according to Thomson Reuters I/B/E/S. Net income slid to $36.5 million, or 6 cents per share, from $40 million, or 7 cents per share, a year earlier. On an ajusted basis, the company earned 17 cents per share. LSI's chips are used in storage devices such as hard disks and flash drives.

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