Reuters: Hot Stocks: UPDATE 1-Fusion-io forecasts third-quarter sales below estimates

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UPDATE 1-Fusion-io forecasts third-quarter sales below estimates Jan 30th 2013, 21:43 Wed Jan 30, 2013 4:43pm EST (Adds details on results; updates share movement) Jan 30 (Reuters) - Storage drive maker Fusion-io Inc forecast current-quarter revenue below analysts' estimates, sending its shares down about 21 percent after the bell. Fusion-io, whose competitors include OCZ Technology Group Inc and Stec Inc, said it expects third-quarter sales of about $80 million, much lower than the average analyst expectation of $137.2 million. The company did not explain why it forecast weaker-than-expected revenue. Fusion-io posted net income of $1.7 million, or 2 cents per share, in the second quarter, compared with a net loss of $5.7 million, or 7 cents per share, a year earlier. Excluding items, the company earned 13 cents per share. Revenue rose about 43 percent to $120.6 million. Analysts on average had expected adjusted earnings of 8 cents per share on revenue of $120.3 million, according to Thomson Reuters I/B/E/S. Fusion-io's revenue have now beaten analysts' estimates for at least eight consecutive quarters. The company, which employs Apple Inc co-founder Steve Wozniak as its chief scientist, makes solid state memory drives using NAND flash technology. The company's shares, which have fallen about 19 percent in the last three months, were down at $16.19 after the bell. They closed at $20.09 on the New York Stock Exchange. (Reporting by Chandni Doulatramani in Bangalore; Editing by Supriya Kurane, Maju Samuel) Link this Share this Digg this Email Reprints

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