Chips are down for Wolfson

Wolfson Microelectronics swung to a $1.5m (£914,000) pre-tax loss in the third quarter, short of analysts’ expectations, and said trading remained challenging.

The chipmaker, which was dropped by Apple from its latest iPhone, reported revenue of $35.4m and a pre-tax loss of $1.5m, compared with a profit of $8.3m a year ago. Analysts were expecting revenue of $36.7m and a pre-tax loss of $1.1m. Wolfson said there was no change to the poor visibility of end-customer demand, with very short lead times and volatile ordering patterns.