Soitec reports first-half revenue below last year’s level

(Reuters) – French semiconductor materials supplier Soitec reported a 16% drop in its half-year sales, citing lower volumes due to persistent “inventory digestion” across the smartphone value chain and a softer automotive market.

The company reported revenue of 338 million euros ($355.31 million) for the half-year, compared with 401 million euros a year earlier.

($1 = 0.9513 euros)

(Reporting by Ozan Ergenay. Editing by Jane Merriman)