Challenging market conditions continued to affect sales in Q2
Napatech continued to be affected by customers' buying behaviour in Q2. Revenue was up 7% y-o-y, but below our expectations and followed a 24% decline in Q2 last year. Our understanding is that the majority of the lower demand was driven by postponed server shipments. However, the gross margin was strong, driven by i) more revenue from the Intel contract, and ii) component costs coming down. As such, combined with lower operating costs, EBITDAC came in above our expectations.
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