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Dialog Semiconductor reports two-month record high after strong iPhone sales
Following the report of Apple Inc regarding its second-quarter profit and sales of iPhones that surpassed the estimates of analysts, Dialog Semiconductor Plc reported a two-month record high. Apple Inc was the German company's largest client.
Dialog rose as much as 7.3% to Eur12.64. The company said that the figure was its biggest intraday price since the 22nd of May. On July 24, the company's value was already Eur852 million equivalent to US$1.1 billion. Its volume was 5% more than its three-month day after day average.
"IPhone sales were especially strong, which is important for Dialog," Commerzbank AG 's Frankfurt-based analyst, Thomas Becker, said through phone. "Apple did not disappoint."
The Kirchheim, Germany-headquartered company released its second-quarter earnings of US$151.7 million on July 23, beating valuation of US$150.7 million. Dialog also forecasted third-quarter revenue of US$190 million to US$210 million apart from its iWatt unit.
"There remains a risk to Dialog's sales in the fourth quarter of 2013 and beyond if the sell-through of the new Apple devices does not improve post the launch," JP Morgan Chase & Co.'s London-based analyst, Chetan Udeshi, said.
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