Apple, Cirrus Logic rally after iPhone/iPad supplier reports strong sales

|By:, SA News Editor

iPhone/iPad power management IC supplier Dialog Semi (DLGNF), which receives over 70% of its sales from Apple (AAPL +1.2%), has reported preliminary Q4 revenue of $352M (+31% Y/Y). That handily beats prior guidance of $310M, which itself was above a previous forecast of $270M-$295M. Shares rose 7.4% in Frankfurt.

Apple is trading higher following Dialog's announcement, as is Cirrus Logic (CRUS +2.8%), a chipmaker just as dependent on Apple as Dialog.

Dialog's numbers are overshadowing a downbeat note from Cleveland Research regarding early China Mobile (CHL -0.8%) iPhone demand. Cleveland says its checks point to disappointing China Mobile pre-registrations, and lead it to think the carrier will sell only 10M iPhones in 2014 (below peer estimates of 15M-30M).

Wedge Partners has also provided cautious commentary about China Mobile's iPhone pre-registrations. The world's biggest carrier begins selling the iPhone on Friday.