Wolfson Microelectronics lower as net income falls 27%

[MoneyGuy]

LONDON (MarketWatch) -- Shares of Wolfson Microelectronics , a maker of microchips for Apple's iPod, dropped in London trade after reporting a 27% drop in second-quarter profit and saying it was "cautious" on third-quarter guidance. Its profit fell to $4.3 million while sales rose 9% to $53.9 million. The Scottish firm expects third-quarter revenue between $56 million and $62 million and plans to buy back 10% of its shares.

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