SiRF revenues up 23% in second quarter

SiRF revenues up 23% in second quarter
GPS chipset supplier SiRF yesterday reported its financial results for the second quarter 2007. Net revenue was $70.6 million, an increase of 23.4 percent from $57.2 million reported in the second quarter of 2006. Gross margin in the second quarter of 2007 was 54.6 percent, as compared to 56.3 percent in the second quarter of 2006. Net income for the second quarter of 2007 was $2.1 million.

SiRF saw a 63% increase in shipment compared to last year but “our growth has been somewhat constrained by delays at a wireless customer” said Dr. Michael Canning, SiRF President and CEO. The average selling price declined 22% against second quarter 2006 and 8% against first quarter 2007. Revenue segmentation was 60% automotive (mainly Personal Navigation Devices), 20-25% wireless (handsets) and 15-20% consumer (other consumer electronics devices).

“Many new PNDs with SiRFstarIII architecture were announced and others moved into volume
production from leading vendors such as Garmin, Magellan, Mio, Navigon, Via Michelin, etc. While some of these are entry level PNDs, others include convergence devices with multimedia functions such as Mobile TV”, said SiRF. “We are seeing very good success in the production ramp up of the GPS enabled handsets, such as the RIM 8800, launched earlier in the year, as these get deployed by more operators worldwide”.

Wednesday, August 1st 2007

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