STOCKHOLM (Reuters) – Shares in Hexagon (HEXAb.ST) tumbled 15% on Friday after the Swedish industrial technology group warned of a fall in sales as the trade war hits China’s smartphone industry and said it would cut 700 jobs.

Investors have been concerned about Hexagon’s exposure to the Chinese market, which counts for a sixth of the company’s revenue, and slowdowns in the automotive and electronics industries that have led rivals to issue warnings.

“Having experienced favorable growth in China over recent quarters, Hexagon has seen a much weaker-than-expected development in June,” the maker of measurement and positioning systems and software said on Friday.

CEO Ola Rollen told Reuters June accounts for typically 50 percent of Hexagon’s sales in its manufacturing intelligence unit and that the

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