XP Power Ltd (LSE:XPP) crashed nearly 45% in Monday’s opening trades following the release of the electronic component manufacturer’s latest trading update.
“Trading over the third quarter has been below our expectations as weaker end-market demand resulted in some customers deferring shipments into 2024,” noted XP Power.
The company expects third-quarter revenues to be 2% lower year on year at £75 million.
Shares were swapping for 1,308p with a market value of £262.5 million at the time of writing.