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Newly named LSI Corporation reported first-quarter 2007 revenues slightly below analyst estimates, profit that nearly doubled year-on-year, and guidance below what analysts were expecting.
Execs blamed IT spending, LSI's mergers, and some weakness in LSI's networking business, which is separate from its storage semiconductor and systems business, for a predicted further revenue decline next quarter.
Without considering the former Agere, which merged with LSI April 2, LSI turned in $465 million for the quarter that ended April 1, down slightly compared to $476 million for the first quarter of 2006 and 11 percent below the $524 million for the fourth quarter of 2006. The latest quarterly revenues were at the low end of LSI's guidance, and below analyst consensus of $473.41 million.
LSI's revenue from semiconductors was $272.4 million, compared with $304.1 million last quarter. Sales of storage systems were $193 million, compared with $219.6 million last quarter.
LSI's GAAP net income was $30 million, or 7 cents per diluted share, compared to $13 million, or 3 cents, at the same time last year. But sequentially, that net income was down 49 percent compared to the $59 million GAAP net income, or 14 cents per diluted share, posted in fourth-quarter 2006.
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