Shares in UK-based German tech firm Dialog Semiconductor dipped today, despite a rise in revenue during the first quarter of the year.
Revenue was up 12 per cent in the first quarter, rising to $271m (£209m) from $241m in the same period of last year.
Operating profit dipped by 81 per cent, to $29.1m from $151.2m, while net income dropped 84 per cent to $23.1m from $142.9m.
On an underlying basis, operating profit rose 44 per cent to $43.2m and net income was up 59 per cent to $34.3m.
Shares in the group were down 2.3 per cent to €42.08 at pixel time.
Why it's interesting
There was no mention of Apple in the group's statement today, despite Dialog recently taking a massive hit to its share price because of concerns about its working relationship with the US tech giant.
Last month, Dialog's stock dropped 35 per cent after German private bank Bankhaus Lampe said Apple could move business away from the chip manufacturing firm - similar to events at UK group Imagination Technologies. Dialog said at the time that it knew of "no business reason for this movement and confirms that it remains comfortable with its guidance for the first quarter and in its prospects for the year".
Analysts at Barclays said today: "It is impossible to disprove a negative, namely that Apple will never internally source power management solutions to the detriment of Dialog. However, the combination of increased content this year and higher engagement across multiple projects leaves us very comfortable with Dialog’s long-term positioning."
And Dialog said in its outlook that "good business momentum and a pipeline of key product launches in the second half of the year" gave it confidence in expecting 2017 to be a year of good revenue growth.
What Dialog Semiconductor said
“This has been a positive start to the year and I’m pleased to report double-digit revenue growth, in line with our guidance," said Dialog chief executive Dr Jalal Bagherli.
"Particularly encouraging is the strong revenue growth recorded across all of our business segments.
"We remain focused on new areas of growth where we can differentiate with our innovative technology. Addressing high-efficiency smartphone charging and our partnership with Spreadtrum, offer exciting opportunities to increase our market share in Asia. All of this, combined with the increasing value we bring to our customers, underpins my confidence in our growth prospects for this year and over the medium term."