Austria-based electronic chip maker AMS's share price jumped today after it raised its revenue forecast and allayed fears of production delays for prime customer Apple's new iPhone X and weak sales for the iPhone 8.
The Swiss-listed company supplies optical sensors that help adjust the brightness and colours on phone screens.
Its shares were up nearly 18% today, having hit a record high of 80 francs earlier in the session and boosting gains this year to nearly 170%.
Shares in other European Apple suppliers Dialog Semiconductor and STMicroelectronics were also higher today after a poor run last week, when reports of a slowdown in demand for iPhone 8 and 8 Plus emerged.
"We are implementing the expected steep ramps (up in) of new optical solutions for a recently launched global platform by a leading smartphone OEM," AMS said in a statement.
In reporting third quarter results last night, AMS had said it expected fourth-quarter revenue to come in at
between €440-480m, well above the €393m predicted on average by analysts.
It had previously expected current quarter revenues to increase in line with the 45% quarter-over-quarter growth seen in the third quarter.
