Applied Micro Circuits Corp., a maker of chips for fiber-optic networking gear, reduced its fiscal first-quarter revenue forecast as much as 53% and predicted a loss after a collapse in customer demand.
The news sent Applied Micro shares down as much as $1.95, or 16%, to $12.25 in extended trading and pulled down rivals' shares as well. Applied Micro had closed up 34 cents at $14.20 on Nasdaq.
Rivals Vitesse Semiconductor Corp. fell as much as 79 cents to $16.61, and PMC-Sierra Inc. slipped $1.66 to $26 in active after-hours trading.
San Diego-based Applied Micro said revenue in the period ending Saturday will be $40 million to $45 million, and its operating loss will range from 4 cents to 6 cents a share.
Analysts had expected the company to break even, according to First Call/Thomson Financial.