Linear Tech Sees Trouble Dead Ahead; Stock Tumbles
Linear Technology (LLTC) this afternoon warned that fourth quarter revenue could be down 10-20 percent from Q3 levels due to the downturn in the global economy.
The company posted Q3 revenue of $310.4 million, with profits of 48 cents GAAP, 53 cents non-GAAP, getting a lift from a lower-than-expected tax rate. The Street had been looking for $310.4 million and 45 cents.
But Linear also warned that orders fell sharply toward the end of the quarter, and that fourth quarter revenue is likely to slide as a result.