Atmel slashes 4Q sales guidance on delayed payment
SAN JOSE, Calif.—Mobile touch-screen microcontroller maker Atmel Corp. on Thursday slashed its outlook for fourth-quarter revenue to $384 million, down from a range of $403 million to $422 million, because of delayed payments from an Asian distributor.
CEO Atmel Stephen Cumming said fourth-quarter revenue was already tracking to come in below the range at $395 million, which was exacerbated by an $11 million negative impact from rescheduling payments from the distributor.
The company is set to announce its fourth-quarter results on Wednesday.
Atmel shares fell 70 cents, or 7 percent, to $9.40 in after-hours trading on the news. Earlier, shares fell 3 cents to close at $10.10.