Dialog Semiconductor Expects To Remain Apple's Main Supplier Of PMIC Designs

Dialog has made iPhone power chips for a decade
Credit
AP

The statement added that Dialog didn't expect to lose its Apple power chip business in 2018.

Dialog has designed the iPhone's power chips for a decade and relies on Apple for around three quarters of its revenue.

The stock has lost half its value since April on investor concerns that Apple is working on its own power chips.

Dialog supplies power management chips for Apple's iPhones, iPads and watches which accounts for three-quarters of its revenues past year.

However, it was acknowledged by the company for just the first time that Apple holds the capability and resources internally to design PMIC and could possibly do so within the next couple of years. As for 2018, Dialog said it "does not have reason to believe its current expectations of 2018 Apple business would be impacted", even if Apple makes its own chips.

"Apple is obviously not helping Dialog to win this argument with investors".

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The U.S. technology company said in April it planned to replace graphics chip supplier Imagination Technologies, sending its shares down 70 percent in a single session.

Imagination has since been sold to China-backed Canyon Bridge Capital Partners for -550 million ($740 million), well below the -2 billion ($2.7 billion) it was worth at its peak in 2012.

Semiconductor suppliers are typically barred by Apple from revealing their supply relationships. Dialog previously has declined to use the name Apple, referring only to its biggest customer, said it received a dispensation from the iPhone maker to mention its name.

Dialog shares were down 18.5 percent to 25.45 euros at 1150 GMT on December 4. Morgan Stanley set a €55.00 ($65.48) price objective on Dialog Semiconductor and gave the stock a "buy" rating in a report on Thursday, November 16th. But that may change in the future if Apple decides to drop it in favor of its own power management chips.

Dialog said it would give investors an update when more details become available, said the CEO.

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