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National Semiconductor Corp. (NYSE: NSM) reported weak results last week and also gave a weaker profit guidance for the current quarter. Quarterly revenue fell 8% to $501.6 million from $544 million last year.Brian Halla, National Semi's CEO, said there was no seasonal uptick for the holidays, which is not a good sign for the handset industry. National Semi makes system-on-a-chip semiconductors that go into many wireless phones. If National Semi's demand is down, that means demand is most likely down for Motorola Inc. (NYSE: MOT), Samsung and Nokia Corp. (NYSE: NOK).
Halla expects revenue to drop another 8% to 11% in this quarter. There is no reason for investors to bottom fish semiconductor stocks yet. It appears it will take a few quarters for the industry to bottom.
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