Published in News
Audience does well
by Nick Farrell on01 February 2013
Who needs Apple?
After being written off by the Tame Apple press after losing its contracts with Jobs’ Mob, the sound outfit Audience is making a real killing.
Audience, which went public in May 2012, saw its stock slump 58 percent last September on news that Apple was going to drop its noise-filtering technology in future iPhones, including the iPhone 5. However it looks like losing Apple was the best thing that ever happened to Audience. The company turned in a quarterly revenue well above Wall Street's expectations, helped by more business from Samsung and other smartphone makers.
Shares of Audience jumped 24 per cent in after hours trading, after shareholders worked out that the company never really needed Apple after all. In fact with Apple losing value faster than a cheap lollipop, Audience is better off with Samsung. The company announced that it expected revenue between $43 million and $46 million in the March quarter, versus analysts' average estimate of $31.8 million.
Audience executives said that more business from Samsung and other smartphone makers would offset dwindling revenue from Apple as fewer and fewer older iPhones that use its technology are sold.