Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

LSI Gains After Raising Earnings Forecast: San Francisco Mover

Don't Miss Out —
Follow us on:

March 14 (Bloomberg) -- LSI Corp., the maker of chips used in computer disk drives, jumped to the highest level in almost five years after raising its first-quarter sales prediction range, citing a stronger-than-expected recovery in the industry.

First-quarter sales of $585 million to $615 million will deliver a profit of 6 cents to 10 cents a share, the Milpitas, California-based company said in a statement. LSI had predicted sales of $550 million to $590 million.

The higher forecast reflects a rebound in the market for hard disk drives, the main storage in personal computers, and increasing shipments of semiconductors that control new drives composed of memory chips, the company said.

LSI rose 60 cents, or 7 percent, to $9.14 at the close of trading in New York, its highest level since April 25, 2007. The stock has gained 54 percent this year.

Analysts predicted sales of $571.4 million and profit of 0.4 cent a share, the average of estimates compiled by Bloomberg.

To contact the reporter on this story: Ian King in San Francisco at ianking@bloomberg.net.

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.