Everspin Technologies: Falls on Q2 revenue forecast cut
28/06/2019 17:03
** Shares of semiconductor co MRAM.O fall ~4% to $6.78,
drop for second straight session
** Co cuts Q2 rev forecast to $8.3 mln to $8.5 mln from its
previous forecast of $9.6 mln to $10 mln urn:newsml:reuters.com:*:nBw1LWSc5a
** Says revised forecast reflects lower-than-expected Toggle
MRAM sales due to ongoing slowdown in China manufacturing, which
resulted in lower demand from industrial customers, specifically
those producing factory automation equipment
** Cut also due to lower data center investment, a reduction
in demand for RAID controller cards in enterprise server
applications and a broad-based reduction in turns business with
distributors that occurred late in qtr
** Co expected to release Q2 results on Aug. 7
** Despite Friday's losses, MRAM up ~21% this year
(Reporting by Arjun Panchadar in Bengaluru)
((RM: Arjun.Panchadar.thomsonreuters.com@reuters.net))