November 18, 2019 / 7:22 AM / 23 days ago

UK's IQE trims annual revenue forecast, sees mid-single digit loss

Nov 18 (Reuters) - Cardiff-based IQE Plc said on Monday it expects to report a ‘mid-single digit’ adjusted operating loss as it downgraded its revenue outlook for the year due to issues with two of its major customers.

“IQE has experienced very challenging market conditions in 2019. Shortfalls in revenue relate predominantly to two major customers,” the maker of semiconductor wafers for chips used in Apple Inc products and others said in a statement, without naming who those customers were.

The company expects revenue between 136 million pounds and 142 million pounds for 2019, down from an earlier forecast of 140 million pounds to 160 million pounds. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Shailesh Kuber)

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