Fingerprint Cards slumps as China's COVID-19 curbs weigh on sales
19/10/2022 08:09
** Shares in Fingerprint Cards FINGb.ST plummet 19% after
the Swedish biometrics company's Q3 EBITDA swung to a loss,
burdened by COVID-19 restrictions in China
** The group's Q3 EBITDA turned to a loss of SEK 38.1 mln
($3.4 mln) from a profit of SEK 32.3 mln a year earlier, and its
gross margin weakened to 12.2% from 28.6%
** The company said it had experienced a sharp decline in
demand for smartphones in China due to COVID-19 restrictions,
which had a "significant negative impact on sales"
** The stock is on track for its worst day since April
($1 = 11.1264 Swedish crowns)
(Reporting by Louise Breusch Rasmussen)
((Louise Breusch Rasmussen))