Venture profits crashed 27.5% to $80.79m

Revenue was hit by customers' planned transition to new products.

Venture saw its profits drop 27.5% YoY from $111.4m to $80.79m in Q3 2018, an announcement revealed. Revenue also fell 27.4% to $770.38m.

The firm explained their revenue was dragged mainly by the impact arising from customers’ planned transition to new replacement products and some customers’ M&A activities.

On a QoQ basis, Venture’s profits also slipped 17.49% from $97.91m in Q2.

“Whilst current trade tariffs have no material impact on the group’s business at this moment, the group is cognizant that a major escalation of the trade war may lead to new macroeconomic risks,” they commented.

Venture is looking forward to new product introductions from their customers which they think will boost improvement for their revenue in Q4. They also think that several new customers will add up contribution to their revenue which will improve their periodic reports.

“Furthermore, customers’ M&A transitions are still in progress and the Group believes that business momentum should pick up again after the M&A integration processes are completed,” they noted.