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Sep 30, 2023
MagnaChip Q3 2023 Earnings Report
Q3 2023 results were reported in line with guidance, with increased gross profit margin and completion of stock buybacks.
Key Takeaways
Magnachip reported Q3 2023 financial results, with revenue of $61.2 million, in line with guidance. The gross profit margin increased to 23.6%. The company completed $5.4 million in stock buybacks and ended the quarter with $166.6 million in cash and no debt.
Revenue of $61.2 million was in-line with guidance.
Gross profit margin of 23.6% increased 140 basis points from Q2, mainly driven by higher fab utilization.
GAAP diluted loss per share was $0.13.
Non-GAAP diluted loss per share was $0.04.
MagnaChip
MagnaChip
Forward Guidance
Magnachip expects Power demand to soften driven by normal Q4 seasonality and inventory correction in industrial end markets.