SAN FRANCISO EDA vendor Magma Design Automation Inc. reported revenue of $45.7 million for the quarter ended Aug. 3, down 9 percent from the same period a year ago. Citing a difficult business environment, Magma also lowered its guidance for the full fiscal year.
Magma (San Jose, Calif.) reported a net loss of $14.9 million based on generally accepted accounting principles (GAAP), an increase from the $11.9 million GAAP net loss the company reported for the same period a year ago.
For the second quarter of fiscal 2009, which closes Nov. 3, Magma is forecasting revenue of $34 million to $35 million. Magma posted record revenue of $53.5 million in the second quarter of fiscal 2008.
"The first quarter proved to be a more difficult business environment than we anticipated, a situation that we believe may continue throughout at least a portion of the remainder of our fiscal year," said Rajeev Madhavan, Magma CEO.
For the company's fiscal year, which closes May 3, 2009, Magma is forecasting revenue of $158 million to $160 million and a loss of $1.89 to $1.93 per share, based on GAAP. Magma posted revenue of $214.4 million for fiscal 2008.