The Group reported sales of 240 ME in Q3 2023-2024, down 12% on a like-for-like basis compared with Q3 2022-2023. ' This figure is in line with the Group's expectations ' says management.

' Inventory absorption at the Group's direct customers continued to weigh on the Mobile Communications business '.

Sales for the first 9 months of 2023-2024 came to ME 641, down 14% both on a reported basis and on a like-for-like basis.

The Group has adjusted its 2023-2024 targets. Annual sales are expected to be down by around 10% on a like-for-like basis compared with the 2022-2023 financial year, and the EBITDA margin around 34%.

' The ambition of sales of $2.1 billion, initially expected for fiscal 2025-2026, is postponed by around a year due to a weaker-than-expected smartphone market ' says the group.

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