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Spending squeeze cuts microchip firm's value

A maker of chips for household gadgets has seen shares slump by more than a fifth after it revealed the impact of the consumer spending squeeze on revenues.

Wolfson Microelectronics, which supplies BlackBerry maker RIM and satnav group TomTom, said sales in the three months to June were towards the lower end of previous guidance due to of product delays faced by some customers and pressure on consumer sales.