Order Backlogs Up 520% at Bluetooth LE Chips Supplier Nordic

Q2 revenue grew 67% at Nordic Semiconductor, a key supplier of Bluetooth Low Energy components, the chipmaker reported Tuesday. Growth is “currently capped” by the constrained supply of wafers, and “the continued strong demand led to a further increase in order backlog,” it said. Nordic’s June 30 backlog stood at $1.25 billion, up 520% year-on-year and 56% above the backlog March 31. Bluetooth orders were 91% of the Q2 backlog, CEO Svenn-Tore Larsen told investors. When Nordic can deliver the orders and eliminate the backlog very much will depend on the wafer supply, but he sees the backlog “stretching throughout 2022,” he said: “We need to focus on all customers and ensure we keep them floating,” while working with vendors to “get the wafers needed to keep our customers going.” The stock closed 5.6% higher Tuesday at $28.10.