By P.R. Venkat
Hardware and software solutions provider ASMPT’s third-quarter net profit fell sharply due to poor consumer spending and prolonged industry weakness.
Net profit for the quarter fell nearly 98% from a year earlier to 14.63 million Hong Kong dollars (US$1.9 million), while revenue was HK$3.47 billion, down about 24.0%, ASMPT said Wednesday.
Profit margins from semiconductor solutions and surface mount technology solutions fell sharply due to “prolonged industry weakness, with demand-supply dynamics yet to turn favorable amidst conservative consumer sentiment,” the company said.
For the fourth quarter, the company guided for revenue to come in between US$390.0 million and US$460.0 million.
“In the short term, weak economy and end-market electronics demand will continue to prolong the industry inventory adjustment and constrain the capital spending of our customer base,” ASMPT said.
Write to P.R. Venkat at [email protected]
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