(Reuters) - LSI Corp reported lower-than-expected revenue for the third quarter as demand for its storage chips fell, sending its shares down about 5 percent in extended trading.
Revenue dropped about 3 percent to $607 million (375.4 million pounds), missing the average market estimate of $611.4 million, according to Thomson Reuters I/B/E/S.
Net income slid to $36.5 million, or 6 cents per share, from $40 million, or 7 cents per share, a year earlier.
On an adjusted basis, the company earned 17 cents per share.
LSI’s chips are used in storage devices such as hard disks and flash drives.
Reporting by Aditi Shrivastava in Bangalore; Editing by Don Sebastian