Chipmaker IQE revised down their full-year revenue due to the US trade ban on tech giant Huawei, as a result chipmaker’s shares plummeted by almost 40%.
The tech firm now expect revenues of between £140m and £160m.
IQE who are based in Cardiff makes semiconductor wafers for smartphones firms such as Apple. Due to the trade ban and a general slowdown in the market there has been a sharp fall in demand.
Dr Drew Nelson, IQE chief executive said US trade blacklist on Huawei was having a “far-reaching and long-lasting impact.
“These are unprecedented times for the global semiconductor industry as geo-political conditions affect interconnected global supply chain.”