July 22 British semiconductor materials maker
IQE Plc said its revenue slid about 17 percent in the
first-half of the year, hurt by destocking by customers due to
softness in the handset market and a strong pound.
The company, whose products are used in microchips found in
smartphones, tablets and GPS equipment, said revenue fell to
about 52 million pounds ($88 million) in the six months ended
June 30, from 63 million pounds a year earlier.
Earnings before interest, taxes, depreciation and
amortization rose about 5 percent to 11 million pounds, the
company said in a trading update on Tuesday.
IQE, which gets over 80 percent of its revenue from the
United States, said it was on track to achieve its full-year
($1 = 0.5856 British Pounds)
(Reporting by Noor Zainab Hussain in Bangalore; Editing by Ted