Oslo, September 14, 2015
Nordic Semiconductor expects revenue in the third
quarter of USD 52 -54 million, compared with revenue
of MUSD 48.9 during Q3 2014. The company's revenue
guidance is based on lower revenue than expected due
to an inventory reduction in the supply chain of one
of our largest customers for proprietary products.It
is expected that the inventory adjustment will
continue throughout the fourth quarter of 2015, and
that Nordic's revenue from this customer will return
to normal seasonality levels in Q1 2016.
Based on its market leadership in ultra-low power
and Bluetooth Smart wireless solutions, its best-in-
class product line including the new nRF51 platform,
and its highly experienced team of engineers and
sales professionals, Nordic Semiconductor enjoys a
very strong profitable growth within a broad range
of new product categories and new customer groups
within each product category.
Sales of Bluetooth Smart tripled in 2014 compared to
2013 (i.e. close to MUSD 63 in revenue) as wearables
and the Internet of Things market exploded. First
half 2015 Bluetooth Smart sales ended at USD 48
million, a more than doubling compared to 2014. We
see the growth continuing in the second half of 2015
as existing projects develops and new projects come
to market.
Despite the described inventory adjustment that
negatively affects our revenue growth in the short
term; Nordic continues to expect strong growth in
the time ahead. We have confirmed many new
potentially high volume design-wins within games &
toys, wireless charging and home automation during
the last few months, which will further diversify
our revenue base away from the historical dependency
on PC accessories. The launch of the next generation
System-On-Chip on June 17, 2015 has received an
overwhelming market response providing strong
support for long-term growth.
Based on the positive outlook for the Bluetooth
Smart business, the Board has decided to reactivate
the company's Stock Repurchase Program, as
authorized by the shareholders at the Annual General
Meeting 2015. The company has released a separate
stock exchange announcement regarding the stock
repurchase program.
Nordic Semiconductor will host a conference call
today at 19:00 (Oslo). Please make sure to dial in
at least five minutes ahead of time to complete your
registration.
Europe, Norway : +47 2100 6910
Local - New York, United States of America : +1 917
286 8057
Please provide confirmation code 755795 and state
your name, company and country of residence.
Recording of the conference call will be available
to replay www.nordicsemi.no.
For further information, please contact:
Svenn T Larsen, CEO. +4798285476
Pål Elstad, CFO. +4799166293