MediaTek has announced consolidated revenues of NT$17.91 billion (US$565.8 million) for July 2015, down 7.1% on year.

MediaTek's July revenues were the highest in four months, however. The company's cumulative 2015 revenues through July totaled NT$112.49 billion, falling 5.8% from a year earlier.

MediaTek estimated revenues for the third quarter of 2015 would see only modest sequential growth, due to unfavorable economic conditions and a more competitive market for handset chips.

MediaTek already cut its 2015 revenue forecast to 5-10% growth from 10-20%, and revised downward its shipment target for the year. The company now expects to ship 400 million handset solutions and 45 million tablet chips in 2015, both down 10% from its previous targets.