Wolfson expects smartphones, tablets to drive growth

Audio technology semiconductor company Wolfson Microelectronics PLC expects strong growth in smartphones and tablet devices to drive sales higher in the second half of 2012, outperforming a weaker showing from more traditional products such as televisions and personal computers, its chief executive said Tuesday.

“We think [that] not much is happening in areas such as TVs and PCs, but we are seeing good growth in smartphones,” Chief Executive Mike Hickey told Dow Jones Newswires, adding that smartphones and tablet devices will account for an increasing percentage of the company’s revenue this year.
The trends experienced by Wolfson are in line with those across the semiconductor industry, with such peers as the bluetooth chip group CSR PLC and the graphics technology specialist Imagination Technologies PLC also reporting continued growth driven by sales of smartphones despite subdued consumer spending on other electronic products.
Wolfson said earlier Tuesday that revenue for the second quarter of 2012 was $40.3 million, up from $38.6 million over the same period the previous year. The pretax loss narrowed to $2.9 million from $3.5 million. The company expects to return to a profit in the second half of 2012.
Shares at 1028 GMT, down a penny, or 0.49%, at 205 pence valuing the company at 240 million pounds ($377 million).