Sept 12 (Reuters) - British chip components maker IQE (IQE.L) on Tuesday said the recovery in the semiconductor industry would likely be slower-than-anticipated this year but it would improve in 2024 as customer demand picks up.
IQE, which makes "epi-wafers", a type of advanced material used in products from laser hair removal to facial recognition sensors in iPhones, swung to a loss in the first-half hurt by lower sales and a supply glut.
The company's posted a core loss of 5.7 million pounds ($7.13 million) for the six months ended June 30, compared with a core profit of 12.3 million pounds last year.
Still, the Apple (AAPL.O) supplier said it expected core earnings to be profitable for 2023, adding that it saw double-digit revenue growth in the second half of 2023, compared to the first half.
($1 = 0.7998 pounds)Reporting by Anchal Rana and Chandini Monnappa in Bengaluru; Editing by Sonia Cheema and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Persons:
Anchal Rana, Chandini, Sonia Cheema
Organizations:
Apple, Thomson
Locations:
Bengaluru