Wolfson Microelectronics, the Edinburgh-based chip maker, was hit by an analyst’s downgrade despite its second-quarter sales figures beating City forecasts.
Analysts at Numis Securities cut their recommendation on Wolfson from “buy” to “hold”, despite strong growth in sales of its “audio hub” chips, including in Samsung’s S3 mobile phone.
Numis analyst Nick James added: “It is now also clear that Wolfson is not getting back into Apple in 2012, either for the audio hub or for the microphones.”
The downgrade came despite Wolfson’s second-quarter revenues rising by 5 per cent year-on-year to $40.3m (£25.7m), beating consensus forecasts for $38m.
Mike Hickey, chief executive at Wolfson, said: “Despite consumer market headwinds persisting, our first-half results are in line with previous guidance and we have achieved considerable revenue momentum.
“Our audio hubs and microphones continue to be adopted at record levels by brand-leading companies, particularly in smartphones and tablet computers. Consumer demand for great audio in smart devices is driving this product adoption success.”
