PC vendor Asustek Computer Inc (華碩電腦) yesterday saw its share price dive to its lowest level in about 19 months, after sagging PC demand drove down quarterly net profit by 83 percent year-on-year last quarter and led to a massive inventory stockpile.
Asusek stock tumbled 7.09 percent to NT$262 yesterday as the disappointing earnings report triggered a sell-off, bringing the its price to a level not seen since Jan. 7 last year.
Asustek said net profit plummeted to NT$1.89 billion (US$63.06 million) during the quarter ending June 30, compared with NT$11.37 billion in the second quarter last year.
That was a quarterly
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Taiwanese manufacturers are facing unparalleled headwinds this year, stemming from heightened tensions in the Taiwan Strait, continuing global economic uncertainty and the lingering effects of the COVID-19 pandemic. Still, they are trying to keep investing in technology and new product development, even though many of them, especially those with greater exposure to the consumer electronics sector or the Chinese market, have a gloomy outlook amid expectations of severe order cuts and revenue declines.
Behind this investment drive is the belief that maintaining technological leadership and innovation is the only way to survive downcycles, especially in the face of heated competition from