XLNX: Xilinx Can’t Make its Own Lower Numbers
Xilinx, Inc. (XLNX) announced net revenues of $445.9 million in the first quarter of fiscal 2008, up 1% sequentially from the prior quarter and down 7% compared to the same quarter a year ago. First quarter net income was $84.3 million, or $0.28 per diluted share. The 1% sequential sales gain was at the low end of the guidance management gave when they admitted that the original guidance was too high. Earnings per share of $0.28 were a penny below the consensus estimate.
For what it’s worth, Xilinx also issued guidance for the September quarter (and it also looks pretty bleak):
– Revenues are expected to be flat to down slightly sequentially.
– Gross margin is expected to be between 62% and 63%.
– Operating expenses are expected to be up approximately 2% sequentially.
– Other income including interest expense is expected to be approximately $16 million.
– Tax rate is expected to be approximately 21%.
– Fully diluted share count is expected to be approximately flat at 303 million shares.
Given their track record on earnings guidance, I’m not sure why they bothered.
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