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European chip stocks traded higher Tuesday after Apple supplier AMS reported strong second-quarter sales and an upbeat outlook in its consumer business.
Shares of AMS, which provides 3D sensors for Apple’s FaceID technology as well as for Android devices, surged as much as 9% after the company said it expects revenue to reach $600-$640 million in the third quarter from its second quarter current revenue of $415 million. The Austrian chipmaker said it expects growth will be driven by “high volume ramps for smartphone sensing solutions.”
“The results reflect the strength of AMS’ portfolio and more supportive demand trends in the consumer market,” the company said in its earning release.
European chipmakers STMicro, BE Semiconductor, ASML and Infineon Technologies traded between 2% and 3% higher on the back of the report.