Imagination flounders

flounder-6001It looks like having Apple as your number one customer has not done British graphics maker Imagination Technologies much good.

Imagination supplies graphics technology to Apple which if that company was doing well should mean that the UK outfit was flush with cash.

However, the company forecast a surprise loss for its first half after the semiconductor market turned weaker in the June quarter.

The company said overall unit shipments and royalty revenue for the quarter ended 30 June were slightly lower than its expectations, which was likely to lead to a loss for the first six months of its financial year.

The announcement has analysts bemused. It means that either the rest of Imagination’s business has dropped, or Apple must also being seeing a slump in its business