http://media.marketwire.com/attachments/201109/31891_Paragonlogo.gifhttp://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=915868&ProfileId=051205&sourceType=1NEW YORK, NY -- (Marketwire) -- 08/02/12 -- Shares of Apple's chip suppliers received a boost Tuesday after Cirrus Logic, who obtains a majority of their revenues from selling audio chips to Apple, projected revenues to rise 70% - 90% in the second quarter. "While we understand there is intense market interest related to our largest customer, in accordance with our policy, we do not discuss specifics about our business relationship," said Chief Executive Jason Rhode. The Paragon Report examines investing opportunities in the Semiconductor Industry and provides equity research on Qualcomm, Inc. (NASDAQ: QCOM) and TriQuint Semiconductor (NASDAQ: TQNT).
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According to recent data from IHS iSuppli, a market research firm, Apple is projected to increase its chip purchases by 15.1 percent to $28 billion this year, compared to the $24 billion it spent in 2011. IHS forecasts Apple will expand on its lead in global chip purchasing with a growth rate of 12.3 percent in 2013.
"Apple will continue to outgrow the other major OEMs in chip purchasing because of its clear vision of the future, which extends a few years out. This vision includes a strategy to not only update currently popular products but also achieve success in other areas of interest like the television segment," said Myson Robles-Bruce, senior analyst for semiconductor spending and design activity at IHS.
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For the third quarter of fiscal 2012, Qualcomm reported revenues of $4.63 billion, a 28 percent increase year-over-year, but a 6 percent decrease sequentially. The company cut their outlook for the current quarter but expects a strong December quarter. "We think there's a number of flagship devices that phone manufacturers will be launching. Like last year the consumer uptake was quite strong so we're expecting a similar situation this coming December." CFO William Keitel told Reuters.
TriQuint Semiconductor is a leading RF solutions supplier and technology innovator for the world's top communications, defense and aerospace companies. "TriQuint's second quarter performance was in line with expectations. Mobile devices demand was soft in the second quarter as the smartphone industry prepares for a seasonally strong second half," stated Ralph Quinsey, President and CEO. Revenue for the six months ended June 30, 2012 was $394.7 million, down 13% from the six months ended July 2, 2011.
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