SANTA CLARA, Calif.—Chipmaker Renesas Electronics Corp. Tuesday (Jan. 31) cut its forecast for 2012, citing the semiconductor industry downturn and flooding last year in Thailand.
Renesas (Tokyo) said it now expects sales for the year to be about 885 trillion yen (about $11.6 billion), down from an earlier forecast of 968 trillion yen (about $12.7 billion), a decrease of 8.6 percent.
Renesas said the decrease was attributed to a "semiconductor market downturn affected by stagnant global economy and the impact of Thailand's flood as well as continuous trend of yen appreciation." Semiconductor sales for the three months ended Dec. 31 were below the company's expectation, Renesas said.
"Renesas has made a downward revision to its forecasts for both net sales and semiconductor sales," the company said in a statement. "The company expects the sales from three product areas, MCUs, analog and power devices and system-on-chip solutions; to decline from the previous forecast."