Siltronic sales fall 16% in 2023, in line with forecast

(Reuters) - German chip equipment supplier Siltronic on Thursday reported a 16% drop in its annual sales, hit by weaker demand from the semiconductor industry due to increased inventories in the value chain.

The company, which provides silicon wafers for chipmakers, posted preliminary 2023 revenue of 1.5 billion euros ($1.6 billion), matching analysts' average forecast in a poll by Vara Research.

It had in October forecast an up to 17% sales decline for the year.

($1 = 0.9258 euros)

(Reporting by Ozan Ergenay and Eva Orsolya Papp in Gdansk; editing by Milla Nissi)