Reuters: Technology News: Chipmaker TriQuint forecast weak revenue as BlackBerry dials down

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Chipmaker TriQuint forecast weak revenue as BlackBerry dials down Oct 23rd 2013, 23:23 Share this Email Print Reprints By Lehar Maan Wed Oct 23, 2013 7:23pm EDT (Reuters) - TriQuint Semiconductor Inc forecast current-quarter results well below Wall Street expectations, partly due to lower revenue from embattled smartphone company BlackBerry Ltd. Shares of TriQuint, a maker of radio frequency chips that help connect cellphones to data and voice networks, fell 12.5 percent after the bell on Wednesday. TriQuint, whose rivals include RF Micro Devices Inc and Skyworks Solutions Inc, said it expects adjusted earnings of 12-14 cents per share on revenue of $260-$270 million for the fourth quarter. Analysts on average were expecting earnings of 19 cents per share on revenue of $280.5 million for the current quarter, according to Thomson Reuters I/B/E/S. TriQuint's products were used in smartphones made by Apple Inc and BlackBerry. When asked by an analyst on a post-earning conference call whether BlackBerry was the reason for the muted forecast for the current quarter, Chief Executive Ralph Quinsey said it was the case. "BlackBerry was a double-digit revenue customer in a peak quarter, but that has gone down to about mid-single digit in the most recent quarter," Quinsey said. Expectations have been high for TriQuint, mainly after the roll-out of new phones by Samsung Electronics and Apple, Pacific Crest Securities James Faucette told Reuters, referring to the company's muted forecast. TriQuint joins Broadcom Corp, RF Micro Intel Corp and Texas Instruments Inc in unveiling disappointing quarterly forecasts over the past week. TriQuint reported a profit of $13.6 million, or 8 cents per share, for the third quarter, compared with a loss of $11.2 million, or 7 cents per share, a year earlier. Revenue rose 25 percent to $250.8 million, however, revenue in the network business declined 11 percent. "The decline in networks was largely driven by a reduction in our non-strategic foundry business," Quinsey said. The company also makes chips for wireless and wired broadband and telecommunications networks, which is its second-biggest revenue generator, accounting for 23 percent of the company's total revenue in 2012. Foxconn Technology Group, Apple's largest contract manufacturer, accounted for 35 percent of TriQuint's revenue. On an adjusted basis, the company's earnings were 16 cents per share. Analysts on average had expected earnings of 10 cents per share on revenue of $250.1 million. TriQuint shares closed at $8.31 on the Nasdaq on Wednesday. (Reporting by Lehar Maan & Aurindom Mukherjee in Bangalore; Editing by Maju Samuel) Link this Share this Digg this Email Reprints

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