By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
BeFirsTrankBeFirsTrank
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Reading: Apple Supplier Laird’s Stock Nosedives on ‘Brutal’ Price Competition
Share
Aa
Aa
BeFirsTrankBeFirsTrank
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Search
  • Home
  • Car Reviews
  • Auto Shows
  • Bike Reviews
  • Future
  • New Car
  • Used Car
  • Contact Us !
Have an existing account? Sign In
Follow US
© 2023 BeFirsTrank News Network
News

Apple Supplier Laird’s Stock Nosedives on ‘Brutal’ Price Competition

srijita
Last updated: 2016/10/22 at 5:43 AM
By srijita 3 Min Read
Share
SHARE
Apple Supplier Laird's Stock Nosedives on 'Brutal' Price Competition

Laird Plc dropped the most on record in London trading after the supplier to Apple pared its outlook, citing “brutal” price competition from Asian parts providers and sluggish demand from the mobile industry.

Laird tumbled as much as 50 percent and was down 49 percent at 149.8 pence, at 9:15 in London.

“The acceleration of production for mobile devices has come much later than in previous cycles and visibility on volumes remains poor,” the company said in a statement. “In addition, we have experienced increased margin pressure due to unprecedented pricing pressures and some operational factors.”

Competitors based in Asia are driving down prices, leading to continuous rounds of negotiations with customers, Chief Executive Officer Tony Quinlan said on a conference call.

The London-based company, which makes materials that protect smartphone parts from heat and interference, predicted annual pretax profit of about 50 million pounds ($61 million) amid a “very challenging trading performance” in its Performance Materials division. That was about 32 percent below the average analyst estimate.

‘Big Customer’
Quinlan declined to name Apple on the call, referring only to the company’s “big customer.” Apple’s website lists Laird as a supplier.

Revenue in the third quarter was up 29 percent to 207 million pounds, but that was lifted by acquisitions and by favorable currency conversion rates after the U.K.’s vote to leave the European Union. On an organic basis at constant rates, sales were down 4 percent.

Former Laird CEO David Lockwood left in August to take the top job at defense contractor Cobham Plc, and he was replaced by Quinlan, the former chief financial officer.

After a weak first half, Laird said it had expected an improvement that did not materialize. Apple said in July that it sold 40.4 million iPhones in the three months ended June 25, down 15 percent from a year earlier and 21 percent from the previous quarter. Rival Samsung has been roiled by problems with its Galaxy Note 7 phone, which it stopped making after a number of the devices caught on fire.

The problem with the Note 7 “hasn’t helped,” Quinlan said, though the impact on Laird has been “relatively” small.

[“source-ndtv”]

You Might Also Like

How Google’s AI can help transform health professions education

Certified AC Technicians in Ocala: Your Local Cooling Experts

Beyond the Map: What Modern Vehicle Tracking Can Do for Your Business

What Should My Video Game Room Have?

From Traditional Payments to Innovative Solutions: How Car Insurance Is Adapting to Modern Needs

TAGGED: 'Brutal', Apple, Competition, Laird's, Nosedives, on, Price, Stock, Supplier
srijita October 22, 2016
Share
Previous Article JEE Mains Topper Aiming For Future In Research
Next Article Xiaomi Mi Note 2 Leaked Image Again Tips Dual Edge Display

Calendar

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    

Latest Trending News

  • How Google’s AI can help transform health professions education September 3, 2025
  • Your Ebike Battery is Draining Too Quickly? Six Reasons August 29, 2025
  • Test of Turbo Petrol-Powered Automobiles: Actual City and Highway Fuel August 26, 2025
  • Buying a Used VW Car in Albuquerque? Here’s What to Know August 21, 2025
  • What to Do If the Trunk of Your Nissan Won’t Open August 20, 2025
  • Fatherhood, marriage, and Longevity in the August 14, 2025
  • Style, Luxury, and Innovation in a New Car Coming in 2024 August 13, 2025

© 2023 Befirstrank News Network. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?