Earlier this month E Ink Holdings said that the first quarter of 2024 will be its lowest point in the year, and indeed now the company formally reported its earnings, saying that there was a 25% decline in profits (to about $40.9 million) in Q1, as its customers struggled with an excessive inventory which resulted in decline in orders.
E Ink says that this decline is due to the transition to color ESL solutions, and it expects its IoT business to return to normal growth by Q3 2024. Its e-Reader business segment is seeing robust growth, better than expected, signalling a smooth switch to color ePaper solutions. The company retains its positive outlook for this year, expecting revenue to grow every quarter going forward.
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Posted: May 25,2024 by Ron Mertens
