Given currency-adjusted growth of 10% both Y/Y and sequentially, the sales trend appears to have turned – a key factor. PC has been the main driving force, with 67% growth in Q4. Mobile also saw growth of 7%, while Access sales fell by 11%. Payment seems unable to get off the ground – sales in this segment were almost non-existent in Q4, in line with what we have seen in general in the market. PC accounted for 16% of sales in the quarter.

Although Mobile sales appear to have passed the trough, gross margins are not showing the same positive movement. Meanwhile, PC is growing profitably, with considerably higher gross margins. Access also reports much better margins. Fingerprints will selectively broaden its solutions to address a greater share of the value in the industry. One example is the recently launched comprehensive systems solution that incorporates Fingerprints’ microcontroller unit (MCU). Savings intended to halve operating costs are proceeding according to plan. The full effect will be achieved from H2(24).

Payments unable to get off the ground – removing the segment from our estimates