Apple supplier IQE forecasts FY results to exceed expectations

(Reuters) -British semiconductor wafer maker IQE said on Thursday its 2024 sales and core earnings would exceed its earlier expectations, helped in part by cost-control measures.

The Apple supplier said it now expects annual revenue of 118 million pounds ($145.2 million) and adjusted earnings before interest, taxes, depreciation and ammortization of at least 7.5 million pounds.

In November, it had forecast flat year-on-year sales of around 115 million pounds and core earnings of at least 5 million pounds, and had launched a strategic review of its assets.

IQE has faced a challenging environment due to sluggish recovery in the semiconductor industry and the growing significance of supply chain security over cost, amplified by rising U.S.-China tensions.

(Reporting by Shashwat Awasthi; Editing by Subhranshu Sahu and Rashmi Aich)

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