Akoustis Technologies hits record low after downbeat results, forecast

Aktis Oncology

06/09/2023 18:58

** Radio frequency filter maker Akoustis Technologies'
shares  AKTS.O  plummet 25.8% to $1.2, hitting a record low
    ** Stock among top ten biggest losers on the Nasdaq at 01:36
pm ET (1736 GMT) after reporting Q4 results
    ** Co posts Q4 rev of $8.3 mln, missing analysts' estimates
of $8.4 mln - LSEG 
   ** AKTS reports wider-than-expected adj. Q4 loss of 21
cents/shr vs. estimated loss of 17 cents/shr
    ** Revenue hit by weak consumer electronics demand,
particularly in mobile handsets, and a slower return to office
implementation, says co
    ** Co expects to see revenue down about 15% in their current
quarter given macro challenges
    ** AKTS down 56.2% YTD including session losses 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))