Apple supplier IQE flags lower revenue on tepid demand from smartphone markets

Nov 24 (Reuters) – British technology firm IQE Plc (IQE.L) forecast lower annual profit margin and revenue on Wednesday as demand from the smartphone market softened amid tepid 5G technology rollout.

IQE, which makes semiconductor wafers for chips used in Apple (AAPL.O) products, said it expected an 8% fall in 2021 revenue on a constant currency basis and a 2 percentage point decline in core profit margin at about 15%.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.