SANTA CLARA, Calif.--Integrated Device Technology Inc. today raised its forecast for revenues to a 5-to-7% sequential increase in the current fiscal quarter from $80.2 million in the prior period. Previously, IDT had been predicting revenues would be flat-to-slightly up.
The improvement in sales is being driven by product orders from North American wireline networking and storage system makers, according to the Santa Clara company.
"We now believe that the third fiscal quarter of 2002 which ended Dec. 31 represented the low point in revenues for the company," said Jerry Taylor, chief executive officer of IDT. "We are hopeful that the return to revenue growth we are now experiencing will continue based on the production ramp of new customer programs, the continued depletion of excess inventories at contract manufacturers that serve our communications infrastructure customers, and the eventual return to growth of our customers' end markets."