it had been left off the new iPhone 5 when the company realized it had not been involved in the typical pre-launch discussions. Peter Santos, CEO of Audience, didn't wait for confirmation and opted to informed investors about the possibility Apple would not extend their relationship, even though Apple had not yet confirmed this. On the announcement, shares of Audience lost over 60% of their value, and dropped as low as $5.51 -- a decline of 80% from its 52-week high. This event was a testament to the dangers that exist when one company, in this case Apple, represents a significant portion of your revenue. On the heels of the company's recent earnings report, I was looking for confirmation Audience can sustain growth without Apple.