The semiconductor developer -- whose products power Apple's (AAPL) iPhone and iPad -- reported slower growth in first quarter revenue from royalties on a decelerating market for high-end smartphones, Bloomberg reports
Royalty sales were up 3% to $144.5 million, compared with a 32% increase a year ago. That includes a $5 million deduction to correct for a customer that over reported royalty figures.
Their royalties on chips are expanding slower as the mobile industry moves to lower-cost smartphones, and the company is now counting on royalty revenue growth this year to come from new businesses such as so-called connected devices, which include wireless-enabled cars and thermostats, and servers, Bloomberg said.Must Read: Warren Buffett's 10 Favorite Growth Stocks
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