Nov 13, 2018

Semiconductor group IQE warns on profits

British semiconductor group IQE has become the second Apple supplier to warn on profits in two days, as tech stocks continued to fall over fears of waning demand for iPhones. IQE downgraded its revenue and adjusted earnings expectations to £160m and £31m respectively. IQE said it was notified on Monday "By a major customer", which it described as a chip company, of a material reduction in shipments. IQE's shares rose 8 per cent to 73p on Tuesday morning, having fallen 15 per cent on Monday. Aim-listed IQE had already been targeted by short sellers that were betting on a fall in demand for iPhones.

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