March 14, 2012 / 11:28 AM / 5 years ago

LSI Corp raises first-quarter outlook

March 14 (Reuters) - Chipmaker LSI Corp raised its estimates for the current quarter citing a stronger-than-expected recovery of the hard-disk drive market and rise in demand for its flash-based products.

LSI, which counts hard-drive disk maker Seagate as a key customer, expects adjusted earnings from continuing operations of 12 cents to 16 cents per share, on revenue of $585 million to $615 million.

Shares of the company rose 5 percent in premarket trade on Wednesday. They closed at $8.54 on Tuesday on the New York Stock Exchange.

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