Shares in Apple supplier Goertek tumble after client suspends order November 9, 2022 Stocks falter in Apple supplier Goertek after customer suspends order<br /> November 09 2022 Creation time: 09:39 AM Last update: 09:39 AM Views: 16 Hong Kong, Nov 9 (BUS): Shares in Goertek Inc slid after a China-based supplier to companies such as Apple and Meta Platforms said an unidentified external customer had asked it to suspend assembly work for a smart audio product. Gortec said late Tuesday that it had received a notification from a “significant external customer,” without disclosing the identity of the customer or product. Reuters reported that the suspension will affect revenue of up to 3.3 billion yuan ($455.05 million), equivalent to about 4.2% of the company’s total revenue in 2021. Shares in Goertek fell by their maximum, which led to the suspension of trading according to the rules of the exchange. Ming-Chi Kuo, an Apple analyst at research firm TF Securities, said on Twitter that according to his examinations, the product in question could be Apple’s AirPods Pro 2. “Goertek is suspending production most likely due to production issues rather than demand issues,” he said. Apple and Goertek, whose clients include Samsung and Microsoft, did not respond to requests for comment. Competitors Goertek Luxshare and AAC Technologies jumped 4.6% and 14.6% respectively before paring gains. The two companies rose about 0.5% and 5%, respectively, towards the end of the morning session. SM Source link Related READ MORE Super-sub Nunez grabs 2-1 win for 10-man Liverpool against Newcastle
November 09 2022 Creation time: 09:39 AM Last update: 09:39 AM Views: 16 Hong Kong, Nov 9 (BUS): Shares in Goertek Inc slid after a China-based supplier to companies such as Apple and Meta Platforms said an unidentified external customer had asked it to suspend assembly work for a smart audio product. Gortec said late Tuesday that it had received a notification from a “significant external customer,” without disclosing the identity of the customer or product. Reuters reported that the suspension will affect revenue of up to 3.3 billion yuan ($455.05 million), equivalent to about 4.2% of the company’s total revenue in 2021. Shares in Goertek fell by their maximum, which led to the suspension of trading according to the rules of the exchange. Ming-Chi Kuo, an Apple analyst at research firm TF Securities, said on Twitter that according to his examinations, the product in question could be Apple’s AirPods Pro 2. “Goertek is suspending production most likely due to production issues rather than demand issues,” he said. Apple and Goertek, whose clients include Samsung and Microsoft, did not respond to requests for comment. Competitors Goertek Luxshare and AAC Technologies jumped 4.6% and 14.6% respectively before paring gains. The two companies rose about 0.5% and 5%, respectively, towards the end of the morning session. SM
