16:33 NSM cuts Q1 revenue guidance (15.70 +0.08)
Co lowered its revenue guidance for Q1 (Aug). NSM's new guidance is for revs to decline 4-5% from the $571.2 mln revs achieved in the recently completed Q4 (previously guided on 6/10, during its Q4 earnings conference call, for Q1 revs of flat to up 3% sequentially), Reuters consensus is $579.1 mln. During that 6/10 conference call, co indicated that turns orders were expected to decrease during Q1. However, so far this quarter the actual decrease has been much more significant than originally expected. The lower than expected turns activity is primarily due to a combination of factors. The first and most significant is related to the distribution channel, where NSM's distributors slowed their order patterns more than expected and adjusted inventory levels to reflect shortened lead times. In addition, growth rates for flat panel display products softened and demand from certain Chinese wireless handset manufacturers was weaker than expected.
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