SAN FRANCISCO—Storage and networking chip vendor LSI Corp. Wednesday (Jan. 25) delivered fourth quarter sales and first quarter guidance that exceeded analysts' expectations.
LSI (Milpitas, Calif.) reported fourth quarter sales of $546.9 million, down 4 percent from the third quarter and up 11 percent from the fourth quarter of 2010. The company reported a $1.8 million loss for the quarter, compared to a net income of $29.3 million in the previous quarter and a net loss of $13.4 million in the year-ago quarter.
LSI's fourth quarter sales came in above consensus analysts' expectations, which called for sales of $526.5 million, according to Yahoo Finance.
For the full year, LSI reported sales of $2 billion, up 7 percent from 2010. The company's net income for the year totaled $331.5 million, compared to a net income of $40 million in 2010.
For the first quarter, LSI said it expects sales of between $550 million and $590 million, well above analysts' expectations of $509 million, according to Yahoo Finance.
"Our growth last year in a challenging macro environment and our guidance for the first quarter of 2012 demonstrate the results of our ongoing strategic focus on delivering semiconductors and software that accelerate storage and networking applications," said Abhi Talwalkar, LSI president and CEO, in a statement.