Australia's Audinate Group slumps most in a year as chip shortage clouds outlook

Audinate

18/10/2021 03:48

** Shares of Australia's Audinate Group  AD8.AX  slide as
much as 12.04% to A$8.62 after co says chip shortage to impact
production 
    ** Stock set for worst single-day pct drop since Aug. 20,
2020; hits lowest level since July 8 
    ** Audio networking tech co says an important supplier has
informed co of an unexpected and sudden reduction in the supply
of a silicon chip  urn:newsml:reuters.com:*:nASX1qXmcS 
    ** Says supplier can no longer guarantee delivery of open
orders for Audinate, effective immedietely 
    ** Component shortage constrains co's ability to supply
products that have historically delivered about 43% of its
revenue in FY21, expects main impact to be felt in 2H22
    ** Audinate also reported 46.1% growth in quarterly revenue
to $7.6 mln, attributes result to pre-COVID backlog levels,
among others 
     
    ** About 801,000 shares have changed hands, nearly six times
the 30-day average 
    ** AD8 up 20.25% so far this year, as of Friday's close 
    


 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))