APPLE supplier Imagination Technologies saw its stock slip yesterday despite announcing that its revenues hit nearly £100m.
The chip designer, which supplies to shareholders Apple and Intel, posted an 80 per cent rise in pre-tax profit after doubling the amount of microprocessors it shipped.
It made £24m profits on 21 per cent higher revenues of £98m, slightly missing analyst consensus. It also said it smashed through the 500m devices shipped barrier, with 245m coming in the last year alone. Chief executive Hossein Yassaie said he now expects to ship 1bn units within five years.
Imagination, which provides chips to firms including Fujitsu, LG, and ST-Ericsson, rose to prominence when it emerged it is a key supplier for Apple’s iPhone. It received a boost when its chips were also found in Apple’s all-conquering iPad tablet PC.
Its technology business was the stand-out performer, with its Pure digital radio business seeing its revenues slide.
However, its stock fell over four per cent yesterday, with analysts concerned about increasing competition from rivals including Cambridge-based ARM Holdings. Some also feared its royalty forecasts could be optimistic given the fiercely competitive microprocessor market.