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Imagination Technology hit on mixed day for Apple suppliers
IMAGINATION Technologies, the British firm that designs graphics chips for smartphones including Apple’s iPhone, saw its share price fall yesterday despite Wednesday night’s launch of the iPhone 5.
The firm warned that average royalty rates had been hit by increasing sales of low-end smartphones, and warned of “uncertainty over timing [of new revenues], particularly given the continuing macro-economic volatility”.
The shares fell despite Imagination saying it had seen strong growth since May. Both Imagination and Laird Group, which rely heavily on Apple, saw their share price fall yesterday, although chip designer Arm rose.