Fingerprint Cards slides as supply chain bottlenecks hit Q1
22/04/2022 08:40
** Shares in Fingerprint Cards FINGb.ST plummet 11% after
the Swedish biometrics company reports first quarter results
burdened by logistics chains disruptions urn:newsml:reuters.com:*:nFWN2WJ1TD
** The group's Q1 sales slump 15% to SEK 300.2 million
($31.49 million), while operating result swings to loss of SEK
31.7 million from a profit of SEK 1.7 million year ago
** It says COVID-19-related restrictions implemented in
China at end of the quarter led to disruptions in its logistics
chains, and hence to product delivery delays
** Gross margin weakened to 20.4% in the quarter due to
temporarily less favourable product mix, it adds
** The stock is on track for its worst day since October
2021, whith share price hitting its lowest level in 2years
($1 = 9.5338 Swedish crowns)
(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))