Still building on relationship with Samsung
UK audio chip maker Wolfson Microelectronics says its Q3  results were more or less in line with expectations. They came with reduced revenues of $43.9 million against $53 million for the same period last year , and gross profits of 43 per cent compared to 47 per cent for Q3 2012. Earlier this month Wolfson’s shares nosedived after it admitted future revenues would be hit by product cancellations at a major customer, thought to be BlackBerry.
Today [29th October 2013], Wolfson put a gloss on its revenue downturn by revealing this was countered by “strong customer adoption” of its latest high value audio hubs.
It added that it was now shipping to, or designed into, most of the leading indigenous mobile phone manufacturers in China.
Plus it continued to build on its relationship with Samsung, with its technology incorporated widely in the Galaxy range of smartphones, tablets and cameras.
The firm revealed it had also launched an audio card for the highly successful Raspberry Pi computer.
But despite the reassuring noises, Wolfson’s shares slumped nearly 5 per cent on London’s Aim market first thing this morning to 139 pence.