Inside Secure announces total revenue of USD34 million for Q1

Significant growth in the mobile NFC sector

This figure is down 12% on the same period last year (view press release). Inside Secure however saw significant growth compared to 2011 in the mobile NFC sector with sales of NFC chips (excluding SIM cards) totalling USD14.3 million. Much of this was generated by Research in Motion and its original design manufacturers. Sales were down on a quarter-to-quarter basis compared with last year due to a particularly solid Q4 with the international launch of various new smartphones by RIM in the second half of the year.

The company’s secure payment division saw a bounce compared to Q4 of 2011 with revenue at USD7.8 million. This figure is however low compared to the same time last year, which the company puts down “to the downturn in the US contactless payment market, in anticipation of the future migration to a new EMV-type standard.”

In recent developments, earlier this month Inside Secure integrated its NFC solution into the new Nokia Lumia 610 NFC smartphone. The phone runs off the Inside Secure MicroRead NFC controller and Open NFC protocol stack software which runs on the Windows Phone 7 operating system. The phone is due for official launch in Q3 of this year.

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