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Investing.com -- Soitec (EPA:SOIT) saw its shares tumble more than 23% in Paris trading Wednesday, a day after the semiconductor materials supplier withdrew its guidance for both the current fiscal year and the medium term, citing a prolonged downturn in demand for automotive and industrial semiconductors.
"Given the current reduced visibility and market uncertainties, the group withdraws any guidance, whether related to all or part of its activities," the company said. Moving forward, it will provide outlooks on a quarterly basis only.
For the first quarter, Soitec expects revenue to decline by 20% year-on-year at constant exchange rates, compared to €121 million reported in the same period last year.
In a separate announcement, the company said Chief Financial Officer Léa Alzingre is stepping down with immediate effect. She will be succeeded by Albin Jacquemont, who previously held CFO roles at French firms Carrefour (EPA:CARR), Suez, and Darty.
"(Jacquemont) has led major financial transformations and delivered significant value through operational performance improvement, cash-flow optimization and M&A execution," Soitec noted.
The company is scheduled to present its full-year results to investors and analysts on Wednesday at 1200 GMT.