Lexar Takes Down Guidance
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Lexar, the flash-memory maker in the process of being sold to Micron, previewed a major first-quarter sales shortfall Tuesday. I hope Micron saw this coming before they inked the agreement to acquire Lexar for stock worth about $688 million!
The Fremont, Calif., semiconductor company expects to lose $22 million to $30 million on revenue of $100 million to $130 million in the three months to March 31. Analysts surveyed by Thomson First Call were forecasting a loss of $16.7 million on sales of $200 million in the period. Lexar didn’t elaborate on the miss. “In light of the company’s pending merger with Micron, the company does not intend to host an earnings conference call when it releases its actual first quarter results,” it said.
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