Wolfson Micro swings to fourth-quarter loss

LONDON Wed Feb 5, 2014 2:18am EST

LONDON Feb 5 (Reuters) - British chip maker Wolfson Microelectronics swung to an underlying loss in the final quarter of 2014 after it said a faster-than-anticipated switch to 4G mobile caused it to lose ground to a competitor.

The company on Wednesday posted an underlying operating loss of $4.5 million, against a profit of $1.5 million for the same period a year ago, on revenue that dipped to $42 million from $56.1 million.

Chief Executive Mike Hickey said he expected the company to resume its growth trajectory in the second half of 2014 as customer phone inventories unwind and new products are launched with its next-generation audio technology.

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