KIRCHHEIM (dpa-AFX) - Dialog Semiconductor Plc (DLGNF.PK, DLGS) reported Wednesday that its first-quarter net income fell 26 percent to $13.6 million from prior year's $18.4 million. Earnings per share declined 17 percent to $0.19 from $0.23 last year.
Underlying net income was 27 percent lower year-on-year. Underlying earnings per share were $0.39, compared to $0.49 last year.
Operating profit dropped to $17.5 million from $25.3 million in the prior year. Underlying operating profit of $33.0 million was 30 percent below last year.
Gross margin was 49.8 percent, up from 49.3 percent a year ago. Underlying gross margin improved to 50.4 percent from 49.6 percent last year.
Revenue declined 16 percent to $248.5 million from last year's $294.9 million, driven by the expected decline in licensed main Power Management ICs or PMICs.
Looking ahead, for the second quarter, the company anticipates revenue to be in the range of $260 million to $290 million and underlying gross margin to be broadly in line with the first quarter.
The company noted that due to the economic uncertainty, and in line with the rest of the industry, in the short term it is experiencing lower visibility into outlook for the second half of the year.
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