LOS ANGELES-Agere Systems Inc. suffered a slump in its stock position after it warned that its second-quarter results will fall short of anticipation.
The company cites weak sales of chipsets for advanced mobile phones.
The stock fell 36 cents, or 11 percent, to $3.05 cents.
Agere’s stock fortunes run counter to the trend of late among major wireless chipmakers.
The company said its quarterly revenues will range between $465 million and $475 million as against its earlier projection of $516 million. But it expects net earnings to beat its forecast.