With that, I would now like to turn the call over to Wallace.
Thank you, Jason, and thanks to everyone for joining us on this second quarter earnings call. I’m happy to report another strong quarter with revenue increasing by 9% sequentially to $69.7 million in the second quarter.
While the overall market condition continues to be challenging, the strong realm of our new growth products were able to offset the three unfavorable market conditions relating to the sales of core products and contribute strongly to our second quarter growth. This quarter, we delivered $0.42 in diluted earnings per ADS, an increase of $0.29 diluted earnings per ADS a year ago. Riyadh will discuss our financial result in greater detail later on the call.
In the second quarter, our new growth product grew by a strong 75% sequentially and accounted for 32% of our revenue in the second quarter compared to only 20% of our revenue in the previous quarter. The 32% [inaudible] of our revenue from new growth products is significantly more than our previous target of 25% by the end of 2012. For full-year 2012, we now anticipate our new growth products to account for 30 to 35% of our revenue and roughly 40 to 45% next year.For many years, we are being adopting new products that will enable us to deliver sustainable longer-term growth as the growth of our core products show sign of a deceleration. The market of our core products, current USB flash drive controllers, Mobile TV and the CDMA RF and graphic processes are not increasingly mature. The products that will drive our longer term growth are our new growth products, specifically our [inaudible] plus embedded and LT solutions. These new growth products leverage the underlying leading edge NAND flash controller technology and mobile transceiver technology that we have been developing for our core products. Read the rest of this transcript for free on seekingalpha.com
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