October 29, 2013 / 7:27 AM / 4 years ago

Wolfson sees Q4 revenue hit by product cancellations

LONDON, Oct 29 (Reuters) - British chipmaker Wolfson Microelectronics said weaker-than-expected end sales of products like smartphones would drag fourth-quarter revenues towards the lower end of its $40 million to $50 million guidance.

“Customer product sell-through issues, product cancellations and slippage of some programmes into 2014 means sales are likely to remain weak until boosted by customer new product introductions during the first half of 2014,” Chief Executive Mike Hickey said on Tuesday.

Revenue for the three months to Sept. 29 came in at $43.9 million, down on $53.0 million a year earlier, it said, while the company, which counts Samsung as a customer, slipped to an underlying operating loss of $3.0 million from a $3.4 million profit a year earlier.

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