SUNNYVALE, Calif. (AP) — Spansion Inc., the maker of memory chips, on Tuesday lowered its revenue forecast for the current quarter, saying demand from makers of cellphones and consumer electronics were weak.
The company’s shares fell 52 cents, or 3.8 percent, to $13.15 in morning trading Tuesday after sinking to a 52-week low of $12.82 earlier in the session.
Many chipmakers are cutting their forecasts for the current quarter, saying sales are slow.
Sunnyvale, Calif.-based Spansion said it expects revenue of $250 million to $270 million for the fiscal third quarter, which ends Sept. 25. That’s down from a previous forecast of $285 million to $325 million.
Analysts polled by FactSet were on average expecting revenue of $306.4 million.
The company’s flash memory chips for cellphones are behind most of the revenue drop, it said.