VIENNA (Reuters) – Shares in sensor producer AMS jumped 22% after the Apple supplier gave an upbeat forecast for the current quarter and the remainder of the year, soothing investors who fear a slump in smartphone demand due to the coronavirus crisis.
FILE PHOTO: The Logo of Austrian sensor specialist AMS is seen on their factory in Unterpremstaetten, Austria October 3, 2019. REUTERS/Leonhard Foeger
AMS, which is in the process of taking over the leading car headlight producer Osram to diversify into the auto business, said demand from smartphone makers continued to be strong despite the pandemic.
It forecast a profit (EBIT) margin of 17-20% on revenue of $440-480 million for the second quarter after reaching $501 million in revenue and a margin of 20% in the January-March period.
“The second-quarter guidance is much better than expected,” said Credit Suisse analysts. However, the auto and industrial business will likely see a stronger negative impact in the second quarter…
Source Reuters Tech News
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