SAN FRANCISCO Shares of Actel Corp. declined in after-hours trading after the programmable logic maker lowered its fourth quarter guidance Thursday (Dec. 8).
Actel (Mountain View, Calif.) said it now expects revenue for the fourth quarter to decrease sequentially in the "mid-single digit range." The company previously said it expected fourth quarter revenue to be flat or down slightly compared with the $46.4 million the company
reported for the third quarter.
Actel blamed the lowered revenue guidance on lower-than-expected "turns orders," or orders placed for delivery within the same quarter. Turns orders have been particularly disappointing in North America, Actel said.
Actel said it expects fourth quarter gross margin to be 58 percent and operating expenses to equate to about $25.2 million, both unchanged from previous guidance.
Actel's stock price slide 16 cents, or about 1 percent, in after hours trading, opening Friday at $14.10. The stock continued to slide Friday morning, at one point dipping below $14. But Actel rallied late to close Friday at $14.25, off 1 cent from Thursday's close.