CSR's third-quarter revenue of $222m (£140m) was slightly ahead of expectations but its shares fell 8 per cent, to 317p, as fourth quarter guidance disappointed, putting our original recommendation () down 21 per cent.
IC TIP:
Hold
at
317p
CSR expects final quarter revenue of $170m-$185m, which is about 15 per cent down on previous hopes, striking another off-tune note for investors. The company is struggling to produce good news that isn’t tempered by bad, with the shares falling on its last three announcements largely because of its lack of access to the sexy smartphones end of the market, something that doesn’t look like changing anytime soon.
When: 03/06/10
Price: 403p
Performance to date: -21%
