British semiconductor wafer maker IQE upgraded its 2024 sales and earnings forecast on Thursday, citing successful cost-control initiatives as a key driver. The company, which supplies components to Apple, now expects annual revenue of £118 million ($145.2 million), surpassing previous estimates. Additionally, IQE projects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to reach at least £7.5 million.
This revised outlook marks a significant improvement from November, when IQE had forecast flat year-on-year sales of around £115 million and core earnings of at least £5 million. At that time, the company also launched a strategic review of its assets to assess its next steps in a challenging market environment.
IQE has been navigating a difficult landscape, with the semiconductor industry’s recovery proving slower than expected. Rising geopolitical tensions, particularly between the U.S. and China, have heightened the focus on supply chain security, further complicating the company’s operations. Despite these headwinds, IQE’s focus on cost control has helped mitigate some of the pressures.
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