Hot on the heels of yesterday's news that iPod partner Wolfson Electronics has hit boom times, it emerges that Apple partner PortalPlayer has also struck gold.

The company returned positive results yesterday. Revenue rose 30 per cent sequentially to $57.9 million, and 126 per cent year-on-year.

The company also revealed plans to sell up to 4.5 million additional shares.

"We are very pleased with our financial performance in the third quarter of 2005," said company president and CEO Gary Johnson.

Referring to the flash-memory-based iPod nano, he added: "In addition, the first flash-based media player that uses our technology was introduced during the third quarter, and, for the first time, we recorded revenue from flash-based designs. We also met and exceeded our production goals in this quarter. Overall, we are very proud of these results.

Johnson remains optimistic on the future: "Our research and development teams continue to focus on developing next-generation technologies to broaden our product offering, accelerate our roadmap and diversify our end markets."

The company expects revenue to be in the range of $65 million to $75 million in the next quarter.