December 11, 2013 / 8:26 AM / 4 years ago

Imagination Tech slumps on smartphone slowdown

LONDON, Dec 11 (Reuters) - Imagination Technologies said slowdown at the top end of the smartphone market would hit the number of chips shipped using its graphics and video technology in the second half of the year, sending its shares down 15 percent.

Its lower guidance pushed its shares to more than three-year low of 207 pence by 0821 GMT.

The British company said it expected its partners, which include Apple, to ship 580-630 million units, excluding the MIPS technology it bought last year, down from its previous forecast of about 650 million.

The downgrade came as the company reported a fall in adjusted pretax profit to 13.2 million pounds ($21.7 million) for the first half, from 16.8 million pounds, hurt in part by increasing losses at its Pure digital radio business.

Revenue, up 19 percent to 85.2 million pounds, also fell about 9 percent short of analysts’ forecasts of 93.3 million pounds.

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