The transaction is expected to close in the first half of 2019, subject to customary closings and regulator approvals, Dialog said. It expects savings of $35 million in annual operational expenses from the deal, but declined to give more detail on its financial impact ahead of an investor presentation on Nov. 1.
While we grew year-over-year and developed markets and while we had record March quarter results in a number of major markets, including the United States, Canada, United Kingdom and Japan, we did experience a revenue decline in emerging markets. But we feel positive about our trajectory. Our year-over-year revenue performance in Greater China improved relative to the December quarter and we've seen very positive customer response to the pricing actions we've taken in that market, our trading and financing programs in our retail stores, the effects of government measures to stimulate the economy and improved trade dialog between the United States and China. Our App Store results are still reflecting the impact of the slowdown in regulatory approval and gaming apps in China, but we are encouraged by the recent increase in the pace of approvals. We believe strongly in our long-term opportunity in China. Thanks to our robust ecosystem, our talented developer community and the country's growing population of tech savvy consumers who value the very best products and services.
TSMC this week reported 45.2% revenue growth for Q1 2020 compared to the same period last year, driven by 5G and high-performance computing (HPC) products. However, compared to Q4 2019 it declined marginally by 0.8%, and the outlook for the second quarter of 2020 is flat.
Revenue was US$10.31 billion for the three-month period ending March 31, 2020. The rule of thumb in the industry is that the first quarter business usually declines due to the seasonality. Wendell Huang, VP and chief financial officer for TSMC, commented, Our first quarter business declined less than seasonality, due to the increase in HPC-related demand and the continued ramp of 5G smartphones. Moving into second quarter 2020, we expect our revenue to be flattish, as weaker mobile product demand is expected to be balanced by continued 5G deployment and HPC-related product launches. The company said that based on its current business outlook, it expects revenue for the second quarter to be between US$10.1 billion and US$10.4 billion. 2b1af7f3a8