MILPITAS, Calif. (AP) — LSI Corp., which makes semiconductors for data storage and networking, reported a narrower loss but also a decline in fourth-quarter revenue from a year ago.
However, the company gave a first-quarter forecast above Wall Street expectations, and the shares rallied in after-hours trading.
LSI said it grew in a weak economy by focusing on semiconductors and software for storage and networking applications.
The net loss in the fourth quarter was $1.8 million compared with a loss of $13.4 million a year earlier.
Excluding items such as restructuring costs and stock-based compensation expenses, the company said it would have earned an adjusted profit of 13 cents per share. Analysts surveyed by FactSet expected 11 cents per share.
Revenue fell to $523.1 million, down from $546.9 million a year ago and below analysts’ forecast of $526.7 million.
The company forecast first-quarter adjusted earnings of 9 to 15 cents per share on revenue of $550 million to $590 million.
Analysts were looking for 10 cents per share on revenue of $510.7 million.
LSI’s shares were up 56 cents, or 8 percent, at $7.64 in extended trading following the earnings report. They had closed the regular trading session down 6 cents at $7.08 before the report..