Fingerprint Cards has issued a corporate update for Q2 and the first half of the year.
The results are in line with FPC’s previous predictions about how the first half of this year would play out, with the company having navigated an increasingly competitive market with an inventory glut. Compared to the same periods last year, revenues were down by 51 percent for the quarter and 52 percent for the six months. Operating profit for Q2 came in at SEK 72 million, compared to SEK 709.7 million a year ago.
Commenting on the results in a statement, FPC CEO Christian Fredrikson suggested that – also as FPC’s leadership had predicted – things are turning around. “Towards the end of the quarter, inventory levels in the value chain normalized as anticipated,” he said, adding that the company has “continued to secure important orders which will result in increasing market shares with some major customers,” and that during Q2 FPC saw its sensors included in 19 new mobile devices.
Looking ahead, Fredrikson highlighted new partnerships with Zwipe, Kona-I, and Qualcomm as indicative of the company’s expansions into new market segments, adding that with FPC’s acquisition of Delta ID, it is “now the only supplier offering biometric solutions based on both fingerprint sensors and iris recognition.”
July 21, 2017 – by Alex Perala