LSI Corp. (LSI) this afternoon posted Q2 revenues of $639 million, up from 23% from a year ago, but below the Street consensus of $654.4 million. Non-GAAP profits of 11 cents a share were in line with estimates.
For Q3, the semiconductor and storage products company sees revenue of $625 million to $655 million, with profits of 8-14 cents a share, below the Street at $695 million and 13 cents.
CEO Abhi Talwalkar noted that the company saw “customer inventory adjustments late in the quarter that modestly affected our sequential revenue growth.” On the outlook, he said that “end market demand for enterprise IT products continues to bode well for us,” but that “our outlook for the third quarter is one of tempered optimism as macro-economic conditions appear to be somewhat fluid at the present time.”
LSI in late trading is down 30 cents, or 6.3%, to $4.45.
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