Reuters: Hot Stocks: UPDATE 3-Fusion-io cuts 2013 forecast as Apple, Facebook delay orders

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UPDATE 3-Fusion-io cuts 2013 forecast as Apple, Facebook delay orders Jan 31st 2013, 01:13 Wed Jan 30, 2013 8:13pm EST * Sees FY rev of $420-$440 mln vs. est $530.1 mln * Facebook, Apple bulk orders shift by two quarters * Sees Q3 rev of about $80 mln vs. est $137.2 mln * Shares down 21 pct after the bell (Rewrites; adds FY 2013 details, updates analyst comment) By Chandni Doulatramani Jan 30 (Reuters) - Fusion-io Inc slashed its fiscal 2013 revenue forecast as key customers Facebook Inc and Apple Inc delayed orders, sending the storage drive maker's shares down 21 percent after the bell. "... The change in our guidance reflects a two-quarter shift in the timing of their bulk purchases," Fusion-io Chief Financial Officer Dennis Wolf said in a statement. Facebook accounted for 30 percent of Fusion-io's total sales of $359.3 million in its previous financial year, while Apple contributed 25 percent. The company, whose competitors include OCZ Technology Group Inc and Stec Inc, now expects revenue of about $420 million to $440 million in the year ending June 2013, down from its earlier estimate of about $521 million to $539 million. Analysts on average were expecting revenue of $530.1 million in the period, according Thomson Reuters I/B/E/S. "The reduction in guidance is largely attributable to a reduction of expected shipments to Apple and Facebook," Technology Insights Research analyst Nehal Chokshi said. The company, which employs Apple co-founder Steve Wozniak as its chief scientist, makes solid state memory drives using NAND flash technology. 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, it earned 13 cents per share, while 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. The company's shares, which have fallen about 19 percent in the last three months, were trading 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 and Anthony Kurian) Link this Share this Digg this Email Reprints

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