Imagination Tech says shipments hit by smartphone slowdown

LONDON, March 6 Thu Mar 6, 2014 2:29am EST

LONDON, March 6 (Reuters) - Imagination Technologies Group said shipments of chips containing its graphics and video technology fell below expectations because of lower-than-expected sales of top-end smartphones in the last four months.

The British company, whose technology is in Apple's iPhone, said it had not been helped by its lower market share in cheaper smartphones, which has been the best-performing part of the market, but it hoped to gain share in that segment in the latter part of its next financial year.

It said on Thursday it expected licensing revenue for its final quarter to be in the range of 35 million pounds to 40 million pounds ($59 million-$67 million).

The firm also said it now expected underlying operating costs for the current financial year to be within the range 127 million pounds to 131 million pounds, lower than previous guidance of 135 million pounds to 137 million pounds.

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