Fairchild Semi results miss estimates on weak PC demand

Reuters News
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Posted: Jul 19, 2012 7:43 AM
Fairchild Semi results miss estimates on weak PC demand

(Reuters) - Fairchild Semiconductor International Inc's <FCS.N> quarterly results missed analysts' estimates and it forecast third-quarter revenue below expectations, becoming the latest in a string of chipmakers hurt by slowing PC demand and weak consumer spending.

Net income fell to $11.9 million, or 9 cents per share, for the second quarter from $44.9 million, or 34 cents per share, a year earlier.

Excluding one-time items, the company earned a profit of 14 cents per share for the quarter ended July 1 when sales fell 17 percent to $361.5 million.

Analysts on average expected for 16 cents in profit on revenue of $370.3 million, according to Thomson Reuters I/B/E/S.

Fairchild said it expects revenue between $360 million and $380 million for the third quarter, missing analysts' expectation of $388.1 million.

Shares of the company closed at $13.33 on the New York Stock Exchange on Wednesday.

(Reporting by Himank Sharma and Aurindom Mukherjee in Bangalore; Editing by Joyjeet Das)