From Briefing.com:7:15 am Kulicke & Soffa lowered Q4 rev guidance due to broad based industry softness (KLIC) : Co lowered Q4 rev to $100-110 mln from $135-145 mln vs $140.03 mln Capital IQ Consensus due to broad-based industry softness. The industry has continued to experience high inventory levels and low equipment utilization rates. The Company believes this softer industry environment is largely driven by reduced demand within consumer and communication segments such as PCs, tablets and smartphones. This lower end market demand is anticipated to limit near-term semiconductor unit growth and decrease the industry's immediate need for incremental production equipment. The Company will continue to be vigilant in reviewing its cost structure and has initiated measures to address the current market situation, including execution of near-term operational improvements. The co expects to continue to return capital to shareholders through its existing repurchase program. Additional details on the progress of these initiatives will be provided during the Company's fourth fiscal quarter results conference call scheduled on Nov 17, 2015.
7:13 am Fairchild Semi follow-up: FCS cuts guidance citing incrementally weaker demand environment (FCS) : Co issues downside guidance for Q3 (Sep), sees Q3 (Sep) revs of $340.00 mln vs. $364.33 mln Capital IQ Consensus Estimate, down from prior guidance of $355-375 mln.
Adjusted gross margin is expected to be within the previous guidance range of 34.0% to 35.0%. Operating expenses are now forecast to be $90 to $92 mln compared to the previous guidance of $95 to $97 mln.FCS also announced today it has initiated a program to structurally reduce operating expenses by approximately $30 to $34 mln annually which is expected to be implemented by the middle of the fourth quarter of 2015. "Given the incrementally weaker demand environment, we are taking decisive steps to reduce operating expenses to our target model of 25% of sales at the current revenue level."
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