QuickLogic -19.6% due to weak guidance

|About: QuickLogic Corporation (QUIK)|By:, SA News Editor

Though QuickLogic (NASDAQ:QUIK) beat Q2 estimates, it guided on its CC (transcript) for Q3 revenue of just $4M (+/- 10%), well below an $11.1M consensus. $2M in revenue is expected for new products, and $2M for "mature" products.

The chipmaker blames weak sales of display bridge ICs for tablets amid slumping tablet market demand. Much of the weakness appears tied to Samsung, which accounted for 40% of Q2 revenue (down from 70% in Q1). Three months ago, QuickLogic blames its light Q2 guidance on a tablet inventory overhang.

QuickLogic says it has many "engagements" for its ArcticLink 3 S1 sensor hub, and that it also has engagements at Samsung it expects "will enter production later this year and during the first half of 2015."

One potentially high-volume engagement exists with a mobile OEM for the company's PolarPro III programmable logic IC, and another exists for "a smart connectivity design for a high-end smartphone specifically designed for the Chinese market."

Q2 results, PR