UPDATE 1-Power-One slashes Q3 outlook
Oct 11 (Reuters) - Power-One Inc , the world's second-biggest maker of inverters for the solar power market, lowered its revenue outlook for the third quarter in response to slower than anticipated demand.Power-One cut its third-quarter revenue forecast to a range of $240 million to $245 million from $265 million to $280 million.Analysts on average expect the company to report $272.8 million in third-quarter revenue, according to Thomson Reuters I/B/E/S.The company said power conversion revenue dropped 10 percent from the previous quarter while renewable energy revenue "was modestly lower."Italy, which accounted for about half of Power-One's sales in 2010, pared back its solar subsidies earlier this year -- cutting demand in that market.Power-One shares closed at $5.04 on Nasdaq on Tuesday.