Magma Design slides on disappointing first quarter, lowers full year outlook
Shares of Magma Design Automation Inc. (Nasdaq:LAVA) are tumbling ahead of the opening bell after reporting late Thursday that its fiscal first-quarter top and bottom lines slid year-over-year as the provider of chip design software grappled with a more difficult-than-anticipated business environment.
Magma also lowered its full-year guidance as it intends to amend its business model.
Shares plummeted 16%, or $0.90, to $4.65 ahead of the bell. For detailed price information and news stories on Magma Design, click LAVA.
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