CSR reports lower pre-tax profits after £7.5m settlment to WRF
As forecast by Business Weekly, Bluetooth chip designer CSR has reported lower pre-tax profit for the first quarter, as a result of the £7.5m settlement charge paid to the Washington Research Foundation (WRF) over alleged patent infringement.
Revenues for Q1 were above analysts expectations of £76.5m, however, and the Cambridge-based company reported a good start to the year with £80m.
It added that it remains on track to meet full year expectations with the continued growth of mobile phone attach rates and anticipated growth beyond the market.
CSR said profit for the period was at £2.3m, compared to £12.9m a year ago, due to a less pronounced seasonality than in previous years as well as the exceptional cost associated with the pay-out.
It said that it expected a strong second quarter on the back of keen customer demand supported by bookings, forecasting revenues of £97.6m – £110m during the coming period. Shares in CSR have risen almost four per cent, gaining 29.5p to 798.5p.