Conexant Reduces Outlook
Conexant now expects revenues for its second fiscal quarter to be down by approximately 35-40 percent from first fiscal quarter revenues of $410.4 million. Personal networking revenues are expected to be lower by approximately 25-30 percent sequentially due to continued deterioration in the digital cellular handset and set-top box markets. The company anticipates Internet infrastructure revenues will be down by approximately 45-50 percent sequentially, driven largely by a steep decline in its access product lines.
Based on the expected revenue level for the second fiscal quarter, the company anticipates a pro forma loss per diluted share of between $0.35 and $0.40, excluding the impact of one-time charges associated with expense-reduction initiatives, restructuring measures, and significant additional inventory reserves.