Investors cheer as CSR backs off camera market

 
Elizabeth Fournier
SHARES in chipmaker CSR got an early boost yesterday, as investors welcomed its plans to retreat from the digital camera market.

CSR jumped 10 per cent as markets opened after revealing that it would stop investing in its camera-on-a-chip programme, which is used in traditional point and shoot digital cameras.

The Cambridge-based firm blamed weak markets for the decision, which it said would allow it to focus on high-growth markets including music and automotive technology.

“The actions we have announced will allow us to increase investment in the areas that offer the best prospects for delivering sustained, profitable growth,” said chief executive Joep van Beurden.

CSR said it would take an impairment charge of about £55m this year and cut about 200 jobs from its camera division by the end of 2014’s second quarter. It also said it expects fourth quarter revenues of between $200m and $210m.

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