STOCKHOLM, March 21 (Reuters) - Swedish biometric company Fingerprint Cards on Tuesday said it expected an even weaker first-quarter compared to an already weak outlook, said challenges would remain in the second-quarter and withdrew its forecast for full year revenues and profitability.
“As a consequence of the current short term uncertainty, the company has decided to refrain from further guidance for 2017 and the board of Fingerprint Cards has decided to withdraw its proposal of dividend for 2016,” the company said in a statement.
It cited weaker demand from smartphone makers in the first quarter and an earlier communicated inventory build-up in the industry.
FPC had previously forecast revenues of 7.5 to 9.5 billion Swedish crowns ($0.85-1.08 bln) in 2017 with an operating margin to exceed 35 percent.
$1 = 8.8004 Swedish crowns Reporting by Olof Swahnberg; Editing by Simon Johnson