Apple supplier Laird warns of sharply lower profit; shares plunge



Apple Inc (AAPL.O) supplier Laird Plc (LRD.L) said it expected to post a sharply lower profit for the year, citing a slowdown in smartphone sales and "unprecedented" pricing pressure, sending its shares down by as much as 50 percent.
The selloff, marking the worst single-day drop for the stock, wiped out more than 420 million pounds from Laird's market capitalization.
The profit warning raises doubts about a recovery in the company's biggest business - the performance materials division, which makes parts for the iPhone and other smartphones.
Smartphone sales growth has been... read more

 
19 October 2016 in Business, Views: 51
Source: Reuters
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