Wolfson reports Q3 operating loss of $10million
Wolfson Microelectronics has announced an operating loss of $10.1million for Q3 2011, on the back of a $7m restructuring and inventory write down charge and weak consumer demand.
The Edinburgh based company which specialises in components for smartphones and tablets, announced Q3 revenue of $40.4m, a drop of 14% from the same period a year earlier, although sequential revenue rose by 5%. The $10.1m pre tax loss compares to a $0.6m profit in Q3 2010 and a $3.5m loss in Q2 2011.
Wolfson's chief executive, Mike Hickey, said: "The sharp reductions in customers' near term forecasts seen during the summer months have not been repeated and order intake has stabilised, albeit at somewhat lower levels than previously anticipated."
The company announced that, although visibility for 2012 remains limited, it is confident that its exposure to the smartphone, tablet, ebook reader and gaming market leaves it well positioned to endure the current climate.
