Powerwave (PWAV) shares have been cut in half today after the company provided a disappointing outlook for the fourth quarter. As noted yesterday, third quarter results were actually slightly ahead of expectations. But in a post-earnings conference call with the Street, the company issued disappointing guidance: the company now sees full year 2008 revenue of $880 million to $920 million, well below the Street at $952 million. That implies Q4 revenue of $171-$211 million, which is down from $238 million in Q3 and well below the Street consensus of $246 million.

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Not a lot of substantive news, but plenty of incremental worry about the state of the communications equipment segment. Powerwave makes power amplifiers and other components for communications gear.

This morning, C.L. King analyst Lawrence Harris trimmed estimates for the company. For 2008, he goes to 16 cents from 17 cents; for 2009, he now sees 30 cents, down from 34 cents. Harris maintains his Accumulate rating and $5 target price on the stock.

Harris notes that the Nokia Siemens infrastructure equipment joint venture today reported revenue for Q3 that was down 14 percent sequentially and 5 percent year-over-year; he notes that Nokia accounts for 28 percent of the company’s revenue in Q2, and 35 percent in 2007.

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