“Electronic-components maker Laird Plc said revenue from its largest customer — widely assumed to be Apple Inc — fell 17 percent in the first quarter from a year earlier, contributing to a 2 percent fall in overall revenue,” Abhirup Roy reports for Reuters. “Laird, which makes electromagnetic shielding and heat control components for wireless devices, said it expected another quarter of declining revenue before growth resumes in the second half of the year as customers and the company itself launch new products. It maintained its full-year forecast”
“A company representative declined to identify the largest customer, but analysts said Laird has confirmed in the past that it is Apple and that they assumed the company was referring to the iPhone and iPad maker in its statement on Friday,” Roy reports. “‘I think it’s become clear that there had been a overbuild through Q4 by the said largest customer and I think therefore as we got into Q1 the general weakness was exacerbated by destocking cycle,’ Peel Hunt analyst Dominic Convey said.”
Roy reports, “Laird also supplies components to Samsung Electronics Co Ltd.”
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