Nordic Semiconductor with record quarter – E24

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2020 has been a record year so far for the IT company that delivers wireless technology. Going forward, they will continue to work on revolutionizing “smart homes”, and focus on collaboration with Amazon and Google.

The company, which can report on increasing operations during the pandemic, has risen by 84 percent on the Oslo Stock Exchange so far this year.

Gorm Kallestad / NTB scanpix

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On Tuesday, Nordic Semiconductor can report revenue of $ 119.4 million (NOK 1.11 billion) in the third quarter, which includes the months of July, August and September.

This is a huge increase from the same quarter last year where the IT company registered an income of 82.2 million dollars.

This corresponds to an income growth of 45.3 percent.

Nordic Semiconductor produces and delivers wireless technology, or rather Bluetooth technology, which is used by Logitech wireless mice and keyboards, and the city bikes in Oslo.

– We are brilliantly satisfied, but we have also worked for a long time for this, so it did not come suddenly, says Ståle Ytterdal, investor contact in the company.

He says that Nordic Semiconductor spends well over a year developing design and technology before it is delivered on the market.

– This has not happened over a quarter, so we are happy that we can finally show the work we have done over the last few years, he says.

Total quarterly profit for the company ended at $ 15.8 million (NOK 147.41 million) after tax, an increase of 174.7 percent from last year’s $ 5.8 million.

The operating profit for the company in the third quarter is $ 28.6 million, an increase of 148 percent from 2019, where they registered an operating profit of $ 11.5 million.

Going towards record year

So far this year, the company can register a profit growth of 585 percent compared to 2019.

From 1 January to 30 September this year, the company has a total result of 20.2 million dollars, a big difference from 2019 where the result was 2.9 million dollars in the same period.

The investor contact says that 2020 has been a year in which the market has placed a higher focus on digitization.

– We experience that there has been a steady growth for the company, and especially after the corona pandemic, we have experienced a large growth among the entire customer spectrum, says Ytterdal.

The company, which has kept operations going even during the pandemic, has risen by 84 percent on the Oslo Stock Exchange so far this year.

In the report, the company writes that they expect that the revenue for 2020 will total between 393 and 403 million dollars, which indicates a growth of up to 40 percent.

– Last year, we set ourselves a goal of becoming a “billion dollar company” by 2024, and it seems that we are heading in the right direction, says Ytterdal.

He also says that the company is now focusing on integrating its technology into “smart home” solutions, and that they are working with the major platform providers, which include Google and Amazon, among others.

– We are not giving up now, so we just have to keep going, and continue to develop production, secure deliveries and further develop products, Ytterdal concludes.

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