German chip components manufacturer Siltronic estimates a 16% drop in revenue for 2023
Due to excessive stockpiles at chipmakers, Siltronic, a German provider of semiconductor equipment, reported a 16 percent drop in yearly revenue on Thursday.
Since the end of 2022, there has been a significant drop in demand for tech goods and services worldwide as both people and businesses reduce their expenditure on tech-related items.
The business, which counts Intel, TSMC, and Samsung among its clients, announced preliminary 2023 sales of 1.5 billion euros ($1.6 billion), which was in line with the average estimate of analysts surveyed by Vara Research.
"The year-on-year decline was predominantly due to significantly weaker demand from the semiconductor sector, mainly due to increased inventories through the value chain," the business said.
In October, Siltronic predicted that sales would drop by as much as 17 percent this year.
Leading global manufacturer of sophisticated circuits and a significant client of Siltronic, TSMC, revealed a 19% drop in profits for the October–December quarter in January.
On March 12, the Munich-based firm will release all of its 2023 results.
One dollar is equivalent to 0.9258 euros.
No comments:
Post a Comment