EQS-News u-blox AG: u-blox Capital Markets' Day
EQS Group-News: u-blox AG / Key word(s): Conference
u-blox Capital Markets' Day
- Reports increased business activity led by APAC region and automotive sector
- No paradigm shift expected on long-term strategy and growth drivers; however near-term outlook impacted by uncertainty from Covid-19
Thalwil, Switzerland - 25 November 2020 - u-blox (SIX:UBXN,OTC:UBLXF), a global leader in wireless and positioning technologies, today is hosting its annual Capital Markets' Day for analysts
and investors. As part of its business update, u-blox reports that it is observing increased activity across the company's segments and industries following the downturn experienced during the
second and third quarters of 2020 due to the difficult Covid-19 environment. u-blox' business activities have rebounded most strongly in APAC where economies reopened earlier compared to other
regions. The company also reports that the automotive sector, which was severely impacted by global production and business shutdowns, has exhibited resurgent activity and is a key driver leading
the recent rebound of the company's performance. Monthly bookings of purchase orders have increased strongly each sequential month since May.
While recent developments are positive, there is still considerable uncertainty heading into 2021 given the mounting risks from the second wave of Covid-19 infections and ensuing lockdown
situations worldwide. The company is focused on ensuring that it remains in a strong financial position and has instituted cost saving and efficiency measures totaling CHF 15 million annualized.
R&D priorities and expenditures are being scrutinized in order to balance u-blox's technology leadership and innovation with free cash flow objectives.
Despite the present challenges posed by Covid-19, the company sees no paradigm shifts on the key megatrends driving the long-term strategy and growth perspectives and continues to focus on creating the next generation of wireless connectivity technology.