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Why Shares of Knowles Fell More Than 17% Today

·2-min read

Consumer discretionary spending is weak, and Knowles' exposure to consumer products (Apple is its largest customer, representing 16% of its sales in 2021) means it's inevitably a victim of the slowdown. Sales in the Audio segment (audio products, microphones, speakers for mobile, computing, and health markets) declined by a whopping 14.2% in the second quarter to $128.5 million. Management also announced a restructuring (to be complete by the fourth quarter) in the audio segment.