Q2 2023 Mips AB Earnings Call Transcript
Welcome to the MIPS Q2 Report 2023. (Operator Instructions) Now I will hand the conference over to the speakers CEO of Max Strandwitz, and CFO, Karin Rosenthal. Please go ahead.
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Good morning, everyone. My name is Max Strandwitz and I am the CEO of MIPS. And with me today, I also have our CFO, Karin Rosenthal, we will take you through the MIPS Q2 result presentation. And if we start with the first quarter and the key highlights of the quarter, we did flag already in last report that we were expecting soft demand in the second quarter. And indeed, we did see soft demand in the quarter, which impacted both sales and profit in the second quarter as expected.
Net sales was down with 51%. If we adjust for currency effect, we saw a development of minus 53%. We do expect a gradual increase in demand and assess that Q3 will continue to be challenging, but we see a stronger Q4 ahead of us, and we do expect to deliver growth for the last 6 months of the year. We see
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