Audience still has some prominent customers including Google (GOOG) and Samsung. So it's not as if Audience was left without a "program." The company still had a revenue plan.
Although Audience has recovered quicker and much better than expected, Apple was still responsible for 40% of the company's overall revenue, making the loss of Apple as a customer significant.
Apple still provides 33% of Audience's revenue, and Audience management expects that percentage to continue to decline as Apple rolls out new products that won't include Audience's technology.
However, this brings up an interesting question. With Apple's reputation for having a strong emphasis and focus on the user experience, what does it say about Audience's technology that Apple feels it can do without it?Although Qualcomm (QCOM), which has a great relationship with Apple, has its own noise-canceling technology, it's not nearly as advanced as what Audience offers. Plus, it's merely software-based. For that matter, as component suppliers are concerned, Audience is beginning to gain ground on not only Qualcomm, but also popular chipmakers such as Texas Instruments (TXN).