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National Semiconductor reports 5% sequential decrease for Q2 fiscal 2011

National Semiconductor has reported sales of $390.4million and a net income of $83.5m for Q2 of fiscal 2011, which ended 28th November 2010. The Q2 sales were 5% lower than the $412.m in sales reported in Q1 of fiscal 2011, due to lower demand from OEMs and distributors in all regions, but were 13% higher than the $344.6m reported in Q2 of fiscal 2010.

Second quarter net income was reported as $83.5m, a decrease from the $88.8m, in the first quarter of fiscal 2011. A gross margin of 68.9% decreased from 70.9% in the first quarter of 2011, which set a record for the company.

"Revenues in our second quarter were impacted by two factors," said Don Macleod, National's ceo. Firstly, although distributor resales of our products were about flat sequentially, we shipped approximately $25m less to them than in the preceding quarter. Secondly, we saw, in aggregate, slower demand from mobile phone customers than we typically see in this seasonally strong, pre holiday season quarter."

Macleod added: "We will continue to invest in our revenue growth initiatives which should position us to show amplified revenue growth as we emerge from what we see as a temporary supply chain adjustment."

National projects revenues to be between $344 and $359m for the third quarter of fiscal 2011, a sequential decrease of 8 to 12%.

Laura Hopperton

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