Sigma Designs posts revenue drop of 26% in fiscal Q108
May 30, 2008 - Sigma Designs, a US provider of system-on-chip (SoC) solutions, has posted revenues of US$ 56.9mn for the first quarter of its 2008 fiscal year ended May 3, down 26% from the previous quarter, despite recent business wins.
GAAP net profits for the period reached US$ 4.7mn, down from US$ 35.3mn in the previous quarter. "We are disappointed to begin this fiscal year on a negative note, posting our first down quarter after nine quarters of strong sequential growth," said Thinh Tran, Chairman and CEO of Sigma. "However, since this was primarily due to an external inventory correction that we had previously forecasted, we continue to maintain our strong position in the IPTV market. Our SMP8630 series represents the defacto standard in the IPTV set-top box industry, and our recently launched SMP8654 looks to be its direct successor. Already, the SMP8654 has secured a position in the next generation Microsoft Mediaroom platform and has also garnered support from four major OEMs."
Recent business developments for the company include the introduction of its new SMP8654 media processor SoC; a collaboration with Microsoft to enable the Microsoft Mediaroom platform to operate on set-top boxes using the SMP8654 chip; and selection of Sigma's SMP8634 chip by Pirelli Broadband Solutions to power their IPTV set-top boxes, currently being used by two "major" European operators.
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