UPDATE 3-SiRF Q3 profit tops Wall Street view; shares rise
(Adds analysts' comments, details)
By John Tilak
BANGALORE Oct 30 (Reuters) - SiRF Technology Holdings Inc SIRF.O posted better-than-expected quarterly results, helped by strength in the personal navigation device market, sending shares up 19 percent.
The maker of chipsets for global positioning systems also forecast fourth-quarter earnings above analysts' expectations, citing strong demand for its products across all market segments.
Shares of the San Jose, California-based company were trading at $27.74 in late electronic trade, after closing at $23.30 Tuesday on the Nasdaq.
"The company is remaining highly successful in the personal navigation device market and it is seeing early signs of growth in the handset market," Stanford Group analyst Chris Chaney said by phone.
The company commands a market share of 70 percent among suppliers of chipsets to personal navigation device makers, Chaney said.
Chaney said the company, whose chips are used by top navigation device makers Garmin (GRMN.O: Cotización) and TomTom (TOM2.AS: Cotización), recently had over 10 design wins with Motorola Inc MOT.N. Promate, a Taiwanese distributor that sells SiRF chips to TomTom, contributed 35 percent to revenue in the third quarter.
Chief Executive Michael Canning said "2007 continues to be a strong year for GPS applications and a strong year for SiRF." Continuación...