Brief: Fingerprint Cards Q2 Operating Loss Narrows To SEK 12.2 Mln

Fingerprint Cards AB

18/07/2022 06:16

July 18 (Reuters) - Fingerprint Cards AB  FINGb.ST :
    * Q2 OPERATING LOSS SEK 12.2 MILLION VERSUS LOSS SEK 24.0
MILLION
YEAR AGO
    * Q2 REVENUES SEK 228.1 MILLION VERSUS SEK 290.2 MILLION
YEAR AGO
    * Q2 EBITDA SEK 6.5 MILLION VERSUS SEK 9.4 MILLION YEAR AGO
    * EXTENSIVE COVID-19-RELATED RESTRICTIONS WERE IN EFFECT IN
CHINA
FOR MUCH OF Q2, WHICH HAD A SIGNIFICANT NEGATIVE IMPACT ON
FINGERPRINTS' SALES IN MOBILE SEGMENT IN CHINA
    * LOCKDOWNS IN CHINA HAVE LED TO A SHARP DROP IN SMARTPHONE
SALES
IN COUNTRY, RESULTING IN MOBILE PHONE PRODUCERS SCALING BACK
THEIR ORDERS OF FINGERPRINT SENSORS TO A MINIMUM IN PARALLEL
WITH CARRYING OUT DESTOCKING MEASURES
    * Q2 GROSS MARGIN 31.1 % VERSUS 27.7 % YEAR AGO
    * LONG-TERM GOALS ARE UNCHANGED AND WE REMAIN FOCUSED ON
IMPLEMENTING OUR STRATEGY
    * Q2 CASH FLOW FROM OPERATING ACTIVITIES LOSS SEK 28.3
MILLION
VERSUS PROFIT SEK 50.3 MILLION YEAR AGO
    * DURING YEAR, WE HAVE INCREASED OUR MARKET SHARE IN
CAPACITIVE
FINGERPRINT SENSORS FOR MOBILE PHONES, WHILE WE ARE NOW ALSO
ESTABLISHING A POSITION IN MARKET FOR OPTICAL UNDER-DISPLAY
SENSORS
    * WE ARE REDUCING WORKFORCE GLOBALLY BY ABOUT 10 PERCENT, AT
SAME
TIME AS WE ARE DEFERRING SOME PROJECTS AND CUTTING BACK ON OUR
OTHER COSTS

Source text for Eikon:  ID:nGNEtnXWR 
Further company coverage:  FINGb.ST 

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