Imagination Tech shipments hit by smartphone slowdown

By Paul Sandle LONDON (Reuters) - Imagination Technologies has downgraded its forecast for shipments of chips containing its graphics and video technology because of lower than expected sales of top-end smartphones. Shares in the British group, the technology of which is used in Apple's iPhone, fell to a three-week low after it updated the market on Thursday. FinnCap analyst Lorne Daniel said the future looks increasingly bleak for Imagination, which is competing against bigger rivals such as ARM, Qualcomm, Intel and Nvidia. Imagination said it expected its partners to ship between 520 million and 550 million units this year, excluding the impact of its acquisition of MIPS technology in 2012, down from its previous forecast of 580-630 million.



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