Irish-based chip designer Parthus Technologies provided a measure of relief for battered technology markets today by reporting first quarter results in line with expectations and expressing confidence for the next two quarters.
Parthus reported a first quarter pre-tax loss of $2.97 million, slightly wider than the $2.23 million reported in the fourth quarter. Analysts predict an $11 million loss for the full year.
"We are comfortable with revenue expectations for the second and third quarters," said chief financial officer Ms Elaine Coughlan in a conference call. "To be able to give that kind of outlook is a huge benefit in the current turmoil," she added.
Shares in Parthus, which have more than halved since the beginning of the calendar year, posted modest gains in morning trade to rise 0.9 per cent, or three pence, at £3.32 in London this morning.
Parthus said it was not exposed to the slowdown in semiconductor markets as much as other companies, because it is focused on next generation products.
The company also noted an increasing percentage of revenue from the US, despite the economic slowdown. The percentage of revenue from the US in the first quarter was 65 per cent, compared with 47 per cent in the previous quarter.
The company also announced that STMicroelectronics, Parthus' largest customer, has signed a licensing and royalty agreement for the development of a single chip Bluetooth radio.