UPDATE 1-Wolfson returns to profit on tablet, smartphone demand
LONDON Oct 30 (Reuters) - British chipmaker Wolfson Microelectronics delivered its first profitable quarter since the end of 2010 as its technology was included in Samsung's best-selling Galaxy S3 smartphone and Microsoft's new Surface tablet computer.
The company on Tuesday reported an underlying operating profit of $3.4 million against a $0.7 million loss a year ago and a $1.3 million loss in the last quarter.
Revenue was up 31 percent year-on-year to $53 million, towards the upper end of its guidance.
Chief executive Mike Hickey said strong revenue growth had delivered the anticipated return to profitability.
"This growth is being driven by the increasing adoption of our industry-leading Audio Hubs and MEMS microphone products by brand-leading mobile phone and tablet computer manufacturers," he said.
The company said it expected revenues in the fourth quarter to be in the range $50-$60 million.
- Tweet this
- Share this
- Digg this