Linear Technology Corp. says its fiscal fourth-quarter profit plunged 45 percent year-over-year as the chip maker lost one-third of its revenue. The company says customers continue to be cautious about ordering inventory.
Net income fell to $56.2 million, or 25 cents per share, from $103.1 million, or 46 cents per share, a year earlier.
Revenue fell 32 percent to $208.0 million from $307.1 million a year ago.
Analysts polled by Thomson Reuters expected, on average, earnings of 24 cents per share on revenue of $210 million.
Shares rose 98 cents, or 3.9 percent, to $26.02 in after-hours trading following the earnings announcement. They had fallen 2 cents to end the regular session at $25.04.
