SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Aug 2, 2012) - Shares of Apple's chip suppliers received a boost Tuesday after Cirrus Logic, who obtains a majority of their revenues from selling audio chips to Apple, projected revenues to rise 70% - 90% in the second quarter. "While we understand there is intense market interest related to our largest customer, in accordance with our policy, we do not discuss specifics about our business relationship," said Chief Executive Jason Rhode. The Paragon Report examines investing opportunities in the Semiconductor Industry and provides equity research on Cirrus Logic, Inc. (NASDAQ: CRUS) and Skyworks Solutions Inc. (NASDAQ: SWKS).
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According to recent data from IHS iSuppli, a market research firm, Apple is projected to increase its chip purchases by 15.1 percent to $28 billion this year, compared to the $24 billion it spent in 2011. IHS forecasts Apple will expand on its lead in global chip purchasing with a growth rate of 12.3 percent in 2013.
"Apple will continue to outgrow the other major OEMs in chip purchasing because of its clear vision of the future, which extends a few years out. This vision includes a strategy to not only update currently popular products but also achieve success in other areas of interest like the television segment," said Myson Robles-Bruce, senior analyst for semiconductor spending and design activity at IHS.
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Cirrus Logic delivers highly optimized products for a variety of audio and energy-related applications. Cirrus reported revenues of earnings per share of $0.22 on revenues of 99 million in the fiscal year first quarter. Revenues for the second quarter are projected to range between $170 million and $190 million. Shares of the company soared over the company soared over 20 percent Tuesday.
Skyworks Solutions, an innovator of high performance analog semiconductors enabling a broad range of end markets, recently reported third fiscal quarter 2012 results that exceeded estimates. Revenue for the quarter ending June 29, 2012, was $389.0 million, up 7 percent sequentially and 9 percent when compared to revenue of $356.1 million in the third fiscal quarter of 2011. Revenues exceeded the company's previous guidance of $383.0 million.
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