Fusion-io Falls 12% on Apple, Facebook Order Delays
Shares of memory technology company Fusion-io Inc. fell 13% Thursday after it cut its revenue forecast due to delays in orders from Apple Inc. and Facebook Inc.
Several analysts also cut their ratings on the company, sending the company’s shares as low as 18% before finishing the day at $17.48.
Late Wednesday, Fusion said it expects third-quarter sales of $80 million. Analysts surveyed by FactSet had forecast the company to report revenue of $137.1 million. For its entire fiscal year, Fusion now estimates is sales will be $420 million to $440 million, down from an earlier forecast of $521 million to $539 million.