Tech leads European shares lower as Ericsson, ARM disappoint

miércoles 23 de abril de 2014 12:44 GYT
 

* FTSEurofirst 300 down 0.6 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 at settle)

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, raising doubts about the sector's earnings.

Shares in telecoms equipment maker Ericsson slumped 6.1 percent, wiping the most points off the FTSEurofirst 300. The company missed its first-quarter sales and profit forecasts, blaming weak revenues from North America.

ARM Holdings, whose chip technology powers Apple's iPhone, fell 2.7 percent after lacklustre royalty revenue growth in the first quarter.

Both companies expect improvement later in the year, but the 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 that have reported through April 22 missed revenue estimates, StarMine data showed.   Continuación...