(Oslo, Norway -April 24, 2024 )Nordic Semiconductor ASA reported revenue ofUSD 74 million for the first quarter 2024, in a quarter where Nordic has actively adjusted inventory within its distribution channel. Gross profit wasUSD 36 million with a gross margin of 48%, and with operating costs ofUSD 59 million the company showed an EBITDA-loss ofUSD 23 million for the quarter. Nordic's guidance for the second quarter 2024 is for revenue ofUSD 115-135 million with a gross margin of around 50%. "The low revenue in the first quarter reflects our efforts to lower the inventory level in the distribution channel. We now see improving demand from both tier-1s and broad market customers, and revenue in the second quarter will also be supported by seasonally higher demand," says CEOVegard Wollan . After the end of the first quarter, Nordic announced the establishment of the four new business areas Short-range, Long-range, Wi-Fi and Power Management. Nordic expects the reorganization to clarify strategic direction, improve autonomy and accountability in the different areas, sharpen the focus on products and development roadmaps, and enable a customer centric and agile approach to improve market responsiveness and shorten time-to-market. "We invest significant resources in product development, and the new product-centric organizational structure is an important step forward towards generating higher returns on our investment over time. Our overarching goal is to return to revenue growth and restore profitability," says Wollan. Practical arrangements CEOVegard Wollan and CFOPål Elstad will host a webcast presenting the first quarter results today at08:00 CEST . A live webcast of the presentation and call-in instructions can be found at https://www.nordicsemi.com/Investor-Relations, and a recorded version of the presentation will also be available after the event. The company will only be accepting question asked live through the Q&A dial-in function. The dial-in details are only applicable if you want to ask questions. Please see the details below. PIN Code for all countries: 286203 NO: +47 21 95 63 42UK : +44 203 769 68 19 US: +1 646 787 01 57 DK: +45 78 76 84 90 SE: +46 8 12 41 09 52 DE: +49 30 21 78 93 27 FR: +33 1 81 22 12 59 For further information, please contact:Pål Elstad , CFO / EVP Finance -Nordic Semiconductor ASA Phone: +47 991 66 293 Ståle "Steel" Ytterdal, SVP IR -Nordic Semiconductor ASA Phone: +47 930 37 430 AboutNordic Semiconductor :Nordic Semiconductor has been a pioneer in ultra-low power wireless solutions, from proprietary technologies for PC accessories to today's Bluetooth low energy and multiprotocol products and long-range cellular IoT solutions.Nordic Semiconductor is the clear market leader in the ultra-low power wireless segment, serving a growing market in consumer electronics, wearables, building and retail, healthcare and an increasing number of other verticals and applications.Nordic Semiconductor (NOD) is a public company listed on theOslo stock exchange inNorway . For more information, go to www.nordicsemi.com This information is subject to the disclosure requirements according to §5-12 in the Norwegian Securities Trading Act. Thisstock exchange announcement was published byPål Elstad , CFO, onApril 24, 2024 at 07.00 CEST.
Click here for more information
© Oslo Bors ASA, source