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Vitesse warns on 2Q
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March 26, 2001: 7:47 p.m. ET
Semiconductor company expects to earn 10- 11 cents per share, down from 21-22
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NEW YORK (CNNfn) - Citing weak demand and order cancellations, Vitesse Semiconductor Corp. lowered its revenue and earnings expectations for its second quarter.
Vitesse said late Monday it expects sales of $120 million to $125 million, down from $150 million to $160 million, and earnings of 10 or 11 cents per share, down from 21 or 22 cents per share.
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"Near-term visibility at a majority of our customers has worsened over the last few weeks and we expect this phenomenon to continue into the next quarter," said Lou Tomasetta, Vitesse president and CEO, in a statement. "However, we continue to achieve design wins for our upper layer products and we do not see any indications of our customers slowing down development or deployment of next generation systems."
Shares of Vitesse (VTSS: Research, Estimates) fell $2.31 to $33.94 on the Nasdaq Monday ahead of the warning. 
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