Quantcast
The Motley Fool fool.com 03 Aug, 2022 20:15 am

Why Shares of Knowles Fell More Than 17% Today

Why Shares of Knowles Fell More Than 17% Today
The microphone and speaker manufacturer is suffering over its exposure to consumer electronics.

The restructuring will cost $35 million to $45 million, with $23 million to $28 million in cash, but it is estimated to generate annual savings of $25 million to $35 million.Sales in the Audio segment (audio products, microphones, speakers for mobile, computing, and health markets) declined by a whopping 14.Management also announced a restructuring (to be complete by the fourth quarter) in the audio segment.However, the management of another company with smartphone exposure, industrial giant strong (MMM p), recently argued that although phone production was forecast to be down 4% for the full year, production would be up 7% to 8% in the second half versus the first.

As such, Knowles could see some relative improvement in the second half.90%), a manufacturer of micro-acoustic microphones and balanced armature speakers, slumped by 17% as of midday today.

Read full story at fool.com