Power-One (PWER) Cuts Q3 Revenue Target Below Views
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Power-One, Inc. (Nasdaq: PWER), provided an updated outlook for its third quarter 2011 financial results. For the quarter, the company expects to report between $240 million and $245 million in revenue, which is below the previously estimated range of $265 million to $280 million.
The Street is currently looking for revenue of $272.84 million.
"We are revising our guidance due to slower than anticipated demand as global macroeconomic uncertainty affected both the Power Conversion and Renewable Energy SBUs," said Richard Thompson, Chief Executive Officer of Power-One. "Power revenue was down approximately 10% sequentially, while Renewable Energy revenue was modestly lower."
The Street is currently looking for revenue of $272.84 million.
"We are revising our guidance due to slower than anticipated demand as global macroeconomic uncertainty affected both the Power Conversion and Renewable Energy SBUs," said Richard Thompson, Chief Executive Officer of Power-One. "Power revenue was down approximately 10% sequentially, while Renewable Energy revenue was modestly lower."
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