Siltronic revenue falls 14% in first half on weak demand

:German semiconductor offers supplier Siltronic reported a 14 per cent tumble in half-year sales on Thursday, due to veteran seek recordsdata from of in the wafer market.

The company, which makes silicon wafers veteran in semiconductor chips, posted revenue of 694.8 million euros ($753 million) in the first half of the year, compared with 808.2 million euros a year earlier.

Its earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) fell 25.6 per cent to 181.4 million euros.

“On a certain repeat, the cease markets, partially driven by synthetic intelligence (AI), will grow this year,” CEO Michael Heckmeier talked about in a insist.

“Nonetheless, here’s no longer yet reflected in our negate remark due to nonetheless elevated inventory ranges.”

The company has been struggling from slower-than-expected inventory reductions by its customers, as seek recordsdata from of for wafers nonetheless remains veteran in the cease markets.

Siltronic confirmed its paunchy-year guidance, watching for sales to fall in the excessive single-digit percentage range from the previous year.

It had lowered its 2024 guidance earlier this year, announcing its purchasers had been lowering their inventory ranges extra slowly than anticipated as seek recordsdata from of for user electronics wanes.

($1 = 0.9226 euros)