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October 31, 2012

Wolfson Microelectronics’ Q3 revenue rises 31%

Operating profit of the company improved to $1.6m during the quarter, compared to $10m loss it reported during third quarter of 2011

By CBR Staff Writer

UK based chipmaker Wolfson Microelectronics has reported a 32% surge in its revenue during third quarter of 2012 to $53m, compared to $40.4m it recorded during corresponding quarter last year, on the back of rise in demand for smartphones and tablets.

Company’s revenue grew 32% sequentially over $40.3m in second quarter.

Wolfson Microelectronics has reported an underlying operating profit of $3.4m compared to a $0.7m loss a it reported during year ago period and a $1.3m loss in the last quarter.

Operating profit of the company improved to $1.6m during the quarter, compared to $3m loss it reported during second quarter and $10m loss it reported during third quarter of 2011.

The company reported strong growth in sales in Mobile Audio Hubs, which increased 53% year-on-year while sales into mobile phones grew by 71% and tablet computers by 88% year-on-year.

Wolfson Microelectronics CEO Mike Hickey said strong revenue growth has continued in the third quarter with revenues up over 30%, delivering 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," Hickey said.

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"We expect this trend to continue into the fourth quarter, with incremental revenue from product adoptions supporting growth in full-year revenue and profit despite persistent macro-economic headwinds."

The company which supplies components to Samsung’s smartphones, Nokia’s bluetooth headset and Microsoft’s Surface tablet,expects strong revenue growth to continue during fourth quarter, clocking revenue in range of $50m to $60m.

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