Jan 31 Audience Inc forecast
first-quarter results well above analysts' estimates as the
audio chip maker diversified its customer base away from Apple
Inc's iPhone, sending its shares up more than 25
percent in extended trade.
The company expects to earn between 15 cents and 19 cents
per share on revenue of about $43 million to $46 million in the
quarter ending March 31.
Analysts had expected the company, whose products are used
in such devices as Samsung smartphones and the
Google Nexus 10 tablet, to earn 1 cent per share on
revenue of $31.8 million.
"This expected sequential growth comes from our business
from Samsung, continued strength of Apple's older iPhone models
and the results of our diversification efforts," Chief Financial
Officer Kevin Palatnik said in a post-earnings call.
The company's stock, which went public at $17 last May,
plunged in September after Audience warned that its technology
was unlikely to be used in the latest iPhone.
The Mountain View, California-based company said on Thursday
that Samsung, the world's largest smartphone maker, now accounts
for more than half its sales.
Audience's shares, which had briefly plunged 25 percent on
Tuesday on false rumors of fraud, were trading at $15.30 after
the bell. They closed at $12.22 on the Nasdaq on Thursday.
The company reported net income of $3.1 million or 14 cents
per share for the fourth quarter, as revenue more than doubled
to $38.7 million.
Analysts on average were expecting it to earn 10 cents per
share on revenue of $37 million, according to Thomson Reuters