Melexis drops as only in-line results mark 'inflection point'

Melexis NV

26/04/2023 08:50

** Shares in Melexis  MLXS.BR  fall almost 6% after the
Belgian chipmaker's in-line Q1 results foreshadow weakness in
coming quarters
    ** Melexis reports Q1 sales at EUR 228.5 mln ($251.62 mln),
with EBIT at 61.1 mln, while expecting Q2 sales of 233-238
million euros
    ** Jefferies says this marks the first time results have
been in line and guidance has been left unchanged, flagging Q2
are forecasts "marginally below consensus at the midpoint"
    ** The brokerage sees this as an inflection point for the
business, whereby it expects more pronounced weakness led by the
automotive market to come through over the coming quarters
    ** Shares are on track for its worst day since mid-Jun

($1 = 0.9081 euros)

 (Reporting by Marianna Ciabach-Malinowska)
 ((Marianna.ciabach@tr.com))