NEW YORK (CNN/Money) - Applied Materials, the largest maker of equipment to make computer chips, warned orders are below expectations for the just completed fiscal first quarter.

The company said first quarter orders were about 35 percent below the fourth quarter level, compared with the previously announced target of 20 percent below the fourth quarter level. The first quarter ended Jan. 26. Fourth quarter orders came in at $1.56 billion.

"Due to ongoing economic weakness and geopolitical uncertainties, customers deferred capital expenditures, causing a larger order shortfall than expected," said CEO James Morgan.

The company did not give specific earnings guidance. The company previously said it expected to remain profitable operationally but would incur a small loss in the first quarter due to a restructuring charge associated with staff cuts announced in November. The company expects to release first quarter results and release guidance Feb. 11.

The warning sent Nasdaq futures sharply lower in the moments before the U.S. markets open and the Nasdaq market opened trading lower. Shares of Applied Materials (AMAT: up $0.03 to $12.98, Research, Estimates) were off about 7 percent in early trading.