iPhone supplier AMS raises mid-term revenue target

(Reuters) - Chipmaker AMS AMS.S, which supplies components to Apple AAPL.O and Samsung Electronics 005930.KS among others, on Monday raised its mid-term revenue growth target, thanks to increased customer forecasts and a higher revenue pipeline.

The company said in April it might raise mid-term revenue growth target as it expected significant ramp-ups in its consumer business in the second half of the year.

AMS said its revenue growth target for 2016-2019 would rise to a more than 40 percent compound annual growth rate and it confirmed an adjusted core profit margin target of 30 percent from 2019 onwards.

The chipmaker also said its second-quarter revenue rose 37 percent year-on-year to 181.5 million euros ($211.18 million), compared with 174-181 million euros expected by the company.

The company, whose shares have more than doubled this year in anticipation of the new iPhone, due in September, said it expects third-quarter revenue of 260-290 million euros.

($1 = 0.8595 euros)

Reporting by Anna Serafin. Editing by Jane Merriman