(Reuters) - Chipmaker LSI Corp (LSI.N) 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 (STX.O) 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.
Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Gopakumar Warrier