AMC predicts Q1 turnover drop 53%

Applied Micro Circuits Corps (AMC) released earnings warnings after the closing and predicted that the Q1 turnover ended June 30 would be reduced by 53% to stand around US$40-45 mln, lower than market expectation of US$73.3 mln. The stock slumped 14% yesterday.

Deducting restructuring and other expenses, the company expected that it would post a loss of US4-6 per share, which was credited to the decreasing orders from major clients and stockpile disposal.

The stock once dropped to US$12.5 during the after-hours dealing and eroded 7.47% to close at US$13.

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