Apple supplier Goertek saw H1 profit plunge 80% on year amid lacklustre demand for electronic products 
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Apple supplier Goertek saw H1 profit plunge 80% on year amid lacklustre demand for electronic products 
STOCKS

Apple supplier Goertek saw H1 profit plunge 80% on year amid lacklustre demand for electronic products 

 

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Goertek, a supplier of AirPods to Apple, said its first-half profit plunged 80% from a year ago to 422 million yuan, and revenue rose 3.6% to 45.2 billion yuan.

Sales were lower than expected during the period, as the demand for traditional and smart electronic products was lackluster, Goertek said.

Operating revenue rose, but the gross profit margin of its three main businesses — precision components, smart acoustic devices, and smart hardware — narrowed 1.6 percentage points, 5.1 percentage points and 6.9 percentage points, respectively, it said.

Breakthroughs in AI technologies, investment by leading firms in the metaverse field, and the release of highly innovative virtual reality and mixed reality products will drive the development of smart products and content ecology, Goertek noted.