Shares in UK tech firm CSR have sunk 14% after the company said revenues for the January-to-March period are set to be lower than the previous quarter.
Bluetooth technology is used in many mobile phones
CSR - which designs chips and devices based on Bluetooth wireless technology - blamed the dip on the amount of stock still held by its customers.
But the firm added that it expected revenue growth to accelerate later in the year as stock levels clear.
The news came as CSR reported annual pre-tax profits of $59.3m (£31.4m).
CSR floated its shares in February last year, and had previously reported 12 successive quarters of rising growth.
But for the three months to March, it is forecasting first-quarter revenues of between $60m and $70m, against $79.8m in the last quarter of 2004.
"This reflects the impact of pockets of inventory with original device manufacturers for certain products and seasonality, resulting in lower levels of business between Christmas and the Chinese New Year," it said in a statement.
CSR shares closed down 57 pence or 14.6% to 333p on Wednesday.