Tech leads European shares lower as Ericsson, ARM disappoint

miércoles 23 de abril de 2014 11:36 GYT
 

* FTSEurofirst 300 down 0.5 pct, Euro STOXX 50 down 0.7 pct

* Results from ARM, Ericsson cast shadow on tech earnings

* Primark gives Associated British Foods a lift (Updates prices, adds quote, detail)

By Francesco Canepa

LONDON, April 23 (Reuters) - European shares snapped a three-day winning streak on Wednesday, with tech stocks hit by disappointing results from Ericsson and chip designer ARM Holdings, casting fresh shadows on the sector's earnings picture.

Shares in telecoms equipment maker Ericsson slumped 6 percent, wiping the most points off the FTSEurofirst 300, after the Swedish firm missed with its first-quarter sales and profit forecasts, blaming weak revenues from North America.

ARM Holdings, whose chip technology powers Apple's iPhone, fell 2.8 percent after seeing lacklustre royalty revenue growth in the first quarter.

While both companies expected improvement in the remainder of the year, their weak results contributed to a disappointing first-quarter earnings season for the tech sector so far.

All tech companies in the STOXX Europe 600 index which have reported through April 22 missed revenue estimates, StarMine data showed.   Continuación...