Chartered profit misses estimates

Chartered Semiconductor, a supplier of chips for the Xbox, reported a profit that missed analysts' estimates and forecast a drop in earnings because of falling game-player sales. Net income was $12.3 million in the second quarter ended June 30, compared with a $67.1 million loss a year earlier.

Chartered's stock posted its biggest drop in 19 months after the company said profit for this quarter may be as low as $6 million because of slowing industry growth and higher oil prices. Chief Executive Officer Chia Song Hwee is cutting factory use as the company tries to get rid of excess inventories.

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