Rakon says telco dip temporary, but shareholders want belt tightened

Rakon says telco dip temporary, but shareholders want belt tightened
CEO Sinan Altug assured investors that the company was “making efforts to aggressively streamline”. (Image: Rakon)
Ben Moore
The contraction in the telecommunications infrastructure market that poses a $10 million risk to Rakon’s underlying earnings is temporary, the company’s chief executive said, but shareholders still want the company to tighten its belt.Sinan Altug, CEO of the tech component manufacturer, said on an investor call that since the company released its guidance for the financial year ending March 2024, its telco customers are slowing down purchasing.He said that those customers, including Ericsson and Nokia, are seeing the mobile network...

More Markets

Former Telecom chair Wayne Boyd honoured
Finance

Former Telecom chair Wayne Boyd honoured

Honours recognition for a lifetime of low-key, high-quality leadership.

Pattrick Smellie 02 Jun 2025
Lower bond yields lift NZ sharemarket
Markets Market Close

Lower bond yields lift NZ sharemarket

Lower bond yields have helped drive the NZ sharemarket sharply higher at the close.

Jamie Gray 30 May 2025
Turbulent market slashes 2 Cheap Cars' profit
Markets

Turbulent market slashes 2 Cheap Cars' profit

New Zealand’s continued economic downturn, a sharp fall in immigration and consequent softer market demand has driven a 47% drop in profit for 2 Cheap Cars.The company reported total revenue of $81.9 million with 7675 cars sold in the year to March 31, down 6% compared to $86.7m...

Staff reporters 30 May 2025
Pacific Edge launches $20m capital raise
Markets

Pacific Edge launches $20m capital raise

The raise will help the medtech company continue operations for another year.

Staff reporters 30 May 2025