Camera module maker Q Technology (Group) Co. Ltd. (1478.HK) said on Monday its handset camera module sales plunged 45.7% year-on-year and 34.2% month-on-month to 23.9 million units in October.
The company attributed the steep decline to customer project cycles and weak smartphone demand caused by rising memory prices. Its total handset product sales fell 37.7% year-on-year in October to 38.85 million units. Within that total, biometric module sales fell 18.6% year-on-year but rose 8% month-on-month to 14.94 million units.
The company’s automotive product sales fell 24% year-on-year to 999,000 units, also affected by customer project cycles. Internet of things product sales rose 6.4% to 2.25 million units, driven mainly by camera modules for extended reality (XR) products and LiDAR products for drones and other applications. Its Indian joint venture, Q Tech India, reported camera module and biometric module sales growth of 4.1% and 9.6% year-on-year, respectively, to 5.3 million and 1.9 million units.
Q Technology’s shares opened lower but rebounded on Tuesday, trading at HK$4.29 by the midday break, up 1.42%. The stock is down 49.35% this year.
By Lee Shih Ta
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