Audio and cars boost for CSR

City A.M. Reporter
CSR, the British chipmaker that sold its mobile phone technology to Samsung last week, posted better-than-expected second-quarter results helped by demand for its platforms in audio and automotive.

The Cambridge-based company posted a 37 per cent rise in second-quarter revenue to $266.5m (£172m), just exceeding its own guidance, while underlying earnings per share of $0.09, unchanged on a year ago, beat market expectations.

It said order patterns for the second half of the year were more cautious than the first, although it still expected revenue for the full year to be broadly in line with market consensus.

The group last week struck a $310m deal with Samsung to exit smartphones, where it was losing ground to larger rivals, a move that was well received by shareholders.

The company said last week it expected third-quarter revenue to be the range $260m to $265m.