MagnaChip Q2 2022 Earnings Report
Key Takeaways
Magnachip reported revenue of $101.4 million and non-GAAP diluted EPS of $0.23 for Q2 2022. The company faced challenges including OLED wafer shortages and a slowdown in the smartphone market, but the Board of Directors reaffirmed the $37.5 million stock repurchase program.
Revenue was $101.4 million, down 2.6% sequentially and 11.0% year-over-year.
GAAP diluted loss per share was $0.07.
Non-GAAP diluted earnings per share (EPS) was $0.23.
Gross profit margin was 28.6%.
MagnaChip
MagnaChip
MagnaChip Revenue by Segment
Forward Guidance
The Company’s near-term outlook is being challenged by further OLED wafer shortages, pushout of initial mass production ramp of our new OLED customer outside of Korea, weakening demand in consumer end markets on growing recession fears and cost increases, including labor, due to inflationary pressures.
Challenges Ahead
- OLED wafer shortages
- Pushout of initial mass production ramp of our new OLED customer outside of Korea
- Weakening demand in consumer end markets on growing recession fears
- Cost increases, including labor, due to inflationary pressures
Revenue & Expenses
Visualization of income flow from segment revenue to net income