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Jun 30, 2023
MagnaChip Q2 2023 Earnings Report
Revenue was in line with guidance, gross profit margin improved, and a new stock buyback program was authorized.
Key Takeaways
Magnachip reported Q2 2023 results with revenue of $61.0 million, in-line with guidance. The company saw sequential improvement in the Power business and authorized a new $50 million stock buyback program.
Revenue of $61.0 million was in-line with guidance and up 7% sequentially.
Gross profit margin was 22.2%, up 100 basis points from Q1.
GAAP diluted loss per share was $0.09; Non-GAAP diluted loss per share was $0.06.
Board of Directors authorized a new $50 million stock buyback program.
Forward Guidance
Magnachip expects Q3 2023 revenue to be in the range of $59 million to $65 million, including about $8 million of Transitional Fab 3 Foundry Services, and gross profit margin to be in the range of 22.5% to 24.5%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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