SiRF Earnings- Down on Charges
SiRF earnings are in and they slipped 11% over last year, largely as a result of stock related compensation. News came out after the close of the market yesterday, and apparently Wall St. liked the news because earnings were higher than expected. Beyond the strong GPS navigation system market, the company talked that it sees a lot of activity in the mobile phone and location based services area, and listed a long set of developments in the area. This lines up with a recent conversation of mine with an industry insider who is also in a supplier position for these services. Should be an interesting market to watch as more people learn about GPS's, and learn that there are navigation services right on their GPS enabled mobile phone.
Sales were $74.2 million, up 37% from $54.3 million year ago. Net was $9.1 million down from $10.2 million, year ago. Without the stock compensation issues, the net would have been $15.7 million... too bad, that would have been a nice 50% growth in profit!
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Posted by Scott Martin at January 31, 2007 8:32 AM
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