Nordic Semiconductor slumps on Q4 EBITDA miss, bleak Q1 outlook

Nordic Semiconductor ASA

06/02/2024 08:31

** Shares in Nordic Semiconductor  NOD.OL  tumble 18% after
the Norwegian fabless chip maker posted a surprise EBITDA loss
for Q4 and warned of low revenue into 2024 due to IoT sector
headwinds
    ** The company posts Q4 EBITDA loss of $6.9 million vs a
profit of $1.8 million expected by analysts on average
    ** It expects Q1 revenue to fall by $70 million to $80
million due to continued destocking 
    ** It says the market is in a cyclical downturn with macro
headwinds
    ** Jefferies says the results and guidance show the IoT
segment's downcycle is more pronounced and elongated than
previously anticipated
    ** While the broker still expects the segment to rebound, it
says this could come later than in the previously expected Q2
    ** Nordic Semiconductor is at the bottom of the Oslo
benchmark index  .OBX 

 (Reporting by Boleslaw Lasocki)
 ((boleslaw.lasocki@thomsonreuters.com; +48 58 769 66 00;))