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Share Name | Share Symbol | Market | Type |
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Apple Inc | NASDAQ:AAPL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.02 | 0.01% | 170.35 | 170.30 | 170.57 | 172.695 | 169.1101 | 169.58 | 50,384,043 | 01:00:00 |
By Rory Gallivan
LONDON--Shares in IQE PLC (IQE.LN) dived after the semiconductor materials supplier said it expects to report a 17% drop in first-half revenue, blaming weakness in the smartphone market.
The company, which supplies wafers to companies that make chips used in Apple Inc (AAPL) iPhones and other wireless devices, said it expects to report first-half revenue of 52 million pounds ($89 million). Analysts said this is short of their expectations but IQE added it should meet its full-year expectations following a pick-up in wireless demand in the second quarter.
Broker Peel Hunt said IQE's largest customer, the chip maker Skyworks Solutions Inc. (SWKS), recently reported a strong June quarter and raised its guidance for the current quarter.
It also pointed to IQE's diversification from the smartphone market, with progress in areas such as solar power and optics.
IQE has a strong position in the supply of wafers containing the chemical compound gallium arsenide, but chips using this material are facing competition from silicon chips. Skyworks makes chips based on both technologies.
The company has been seeking to reduce its reliance on smartphones by selling its materials for chips used in solar panels and devices with features such as gesture recognition.
Shares at 1016 GMT were down 3 pence, or 14.1%, at 20 pence, valuing the company at GBP128 million.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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