Chicago, IL 3/23/12 (StreetBeat) – PCTEL Inc. (Nasdaq: PCTI), a supplier of wireless service-related products, on Friday cut its revenue guidance for the current quarter citing spending delays at some of its customers.The company's new prediction fell significantly short of Wall Street expectations and PCTEL shares dropped 48 cents, or 6.9 percent, to $6.47 in midday trading. Its shares have traded in a 52-week range of $5.64 and $8.13.
For the quarter ending March 31, PCTEL said it now expects its revenue for the quarter to total between $16.5 and $17.2 million, down from its previous prediction of $19 to $20 million.
Analysts, on average, expect $19.3 million in revenue, according to a FactSet poll.
PCTEL said that as a result of the postponements, first-quarter orders for its scanning receiver products, which are distributed through providers of wireless test and measurement equipment, are down about 60 percent from historical rates.
The company said it expects orders to return to historical run rates after the customers that had postponed orders release their budgets. In addition, orders for scanning receiver are expected to increase this year, as the use of LTE systems in mobile devices expands, PCTEL said.
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