IQE confirmed it made a pre-tax profit of £2.8 million on revenue, up 16 per cent to £38.3 million, meaning it is on track to meet full-year expectations.
According to chief executive Drew Nelson, the wireless market continued to grow rapidly, adding that new applications were developing well.
"Smartphones are definitely one of the big drivers behind our business, principally because a smartphone has significantly more compound semiconductor chips than previous generations of phone," he commented.
"The same dynamic will be true when we go to 4G and LTE (mobile technologies)."
Despite this positive outlook, Mr Nelson warned of growing uncertainty in the global economy, saying: "If the global economy goes in the direction it is currently in there is a possibility, no more than that at this point, of some inventory correction."
Posted by Andre Dixon
