But the company also said that it expects third quarter revenue to be down 8% to 11% sequentially, which implies revenue of $446 million to $462 million; the Street has been forecasting $495 million. National also said bookings in the second quarter were down 16% sequentially, drive by lower orders from both OEMs and contract manufacturers; bookings from distributors were down “to a lesser extent.”
In a statement, CEO Brian Halla said that the company did not see the seasonal uptick that is typical for this time of year. He also said that the revenue decline in the quarter - revenue was down 7.4% from the first quarter - “was driven by inventory reductions at our distributors and some of our customers.”
In after hours trading, National shares are down 12 cents at $23.88, after dropping 88 cents in the regular session. Xilinx is now down 86 cents after hours to $25.58; Altera is down 14 cents to $19.60; Texas Instruments (NASDAQ:TXN) is down 35 cents at $29.40.