LSI Corp. (LSI) yesterday reported revenues of $578 million in the third quarter, down 19% year over year but up 11% sequentially. The sequential improvement in revenues was driven by increased shipments of mid range storage systems and server rated solutions. IT spending showed clear signs of improvement in the quarter as data centers needed to add storage capacity to meet demand for data storage in management while also taking advantage of newer server technology.

Semiconductor revenues came in at $371.6 million, up 8% sequentially but down 25.7% year over year. Storage Systems revenues came in at $206.6 million, up 16.8% sequentially but down 3.4% year over year.

Gross margins came in at 45.5%, an increase of 340 basis points from the previous quarter and exceeded management’s guidance range by 50 basis points.

Net income jumped to $119 million from a net income of $7 million in the previous quarter and

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Yesterday, LSI Corporation (LSI) reported revenues of $521 million for the second quarter of 2009, down 25% year over year but up 8% sequentially, and surpassed the consensus forecast of $506.3 million. The reported revenue came in towards the high end of management’s revenue guidance of $470 million – $530 million due to growth in both the storage and networking businesses. LSI Corporation designs, develops and markets high-performance complex semiconductors and storage systems. Gross margins (excluding special items) came in at 42.1%, down from 42.7% in the prior quarter. Operating expenses excluding special items declined 3% sequentially. GAAP net loss came in at $61.5 million or ($0.09) per share. GAAP net loss for the reported quarter included a net charge of $69 million from one-time items, which primarily consisted of $43 million of amortization of acquisition-related items, $17 million of stock-based compensation expense and $8.6 ...

LSI Corp.: Q2 Likely in the RedLSI Corp. (LSI, Hold) reported its fiscal Q1 results yesterday. Q1 revenue of $482.3 million came in towards the higher end of guidance ($440 - $500 million) and topped our and consensus estimate of $474 million and $469 million, respectively. Revenues were driven largely by an upside in the semiconductor business, with weak systems business being the mitigating factor. Non-GAAP net loss came in at $(0.03), versus our estimate of $(0.04).The company guided Q2 revenue of $470 - $530 million and non-GAAP EPS in the range of $0.01 to $(0.06). This compares with our estimate of $479 million in revenues and non-GAAP EPS of $(0.03). LSI achieved reduction in operating expense in the quarter at $214 million, down from $232 million in the prior quarter. Q2 opex is expected to remain at the current levels and expects opex ...