(Reuters) -British chip components maker IQE on Wednesday forecast its fiscal 2024 results to come within market expectations, supported by an improving order book amid a rapid development and popularity of the artificial intelligence (AI) industry.
IQE makes “epi-wafers”, a type of advanced material used in products from laser hair removal to facial recognition sensors in Apple’s iPhones.
In a bid to capitalize on the AI frenzy, which has gripped the semiconductor industry, IQE has been investing in solutions to enable more efficient transfer of data in data centres.
The company swung to a profit in the second half of 2023 from the first half as the supply glut began to wane and customer demand picked up.
“We expect to see this improvement continue through 2024 despite persisting uncertainties in the global economy,” IQE said.
Analysts expect IQE’s revenue for the year through Dec. 31, 2024 to be in the range of 133.7 million pounds ($169.53 million) to 153.7 million pounds and an adjusted core profit of between 11.1 million pounds and 16.6 million pounds, according to a company-supplied consensus.
($1 = 0.7886 pounds)
(Reporting by Anchal Rana in Bengaluru; Editing by Sherry Jacob-Phillips)
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