A shaky November has led distribution titan Avnet to lower its revenue forecast for its second fiscal quarter, which ends on 27 December.
The company's Electronics Marketing division has borne the brunt of the downturn and its revenue is expected to fall between $2.25bn (£1.5bn) and $2.35bn. This has lowered from the previous expectation that it would fall between $2.39bn and $2.55bn.
Revenue in the Technology Solutions division is expected to be in line with the earlier estimate of $1.95bn to $2.19bn. Revenue for the company as a whole is anticipated to fall between $4.2bn and $4.54bn, down from the previous estimate of $4.34 to $4.74bn.
Avnet's estimate for earnings per share has dropped to between $0.67 and $0.73 from $0.71 to $0.79. The company stressed that much still depended on its billings for December. These can account for more than half of the quarter's revenue and the distributor claimed these would be key in achieving its new targets.
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