MediaTek has reported consolidated revenues slipped about 3% sequentially to NT$20.42 billion (US$662.6 million) in July.

MediaTek expects to post revenue growth of 3-11% sequentially in the third quarter, when shipments of its mobile SoC products will stay flat on quarter. Weaker-than-expected demand for smartphones led to the less-optimistic sales outlook for the third quarter, the company said.

MediaTek disclosed consolidated sales for the first seven months of 2018 decreased 1.9% from a year earlier to NT$130.56 billion.

MediaTek forecast revenues for 2018 will decrease slightly when combined shipments of its smartphone- and tablet-use SoCs will register a mild drop. However, gross margin will improve in 2018 thanks to the roll-outs of new mobile SoC products and the company's efforts for diversification, the company said previously.