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Montag, 07.08.2023 16:05 von PR Newswire | Aufrufe: 14

Magnachip Reports Results for Second Quarter 2023 Announces New $50 Million Stock Buyback Program

Zeitungsständer (Symbolbild). © AdrianHancu / iStock Editorial / Getty Images Plus / Getty Images

PR Newswire

SEOUL, South Korea, Aug. 7, 2023

Revenue of $61.0 million was in-line with guidance (vs $60.5M mid-point) and was down 39.8% YoY and up 7% sequentially.
Gross profit margin was 22.2%, up 100 basis points from Q1. The sequential improvement was primarily driven by higher utilization at our Gumi Fab.
GAAP diluted loss per share was $0.09; Non-GAAP diluted loss per share was $0.06.
Completed $25.5 million of stock buyback during the quarter.
Ended the quarter with a strong balance sheet with $173 million cash and no debt.
Board of Directors authorized a new $50 million stock buyback program.

SEOUL, South Korea, Aug. 7, 2023 /PRNewswire/ -- Magnachip Semiconductor Corporation (NYSE: MX) ("Magnachip" or the "Company") today announced financial results for the second quarter 2023.

YJ Kim, Magnachip's chief executive officer commented, "Our year-over-year results continued to be impacted by macro challenges but I am pleased to see sequential improvement in our Power business driven by Industrial and Automotive applications. We also continued our strong pace of design-in and design win activities during the quarter. Looking forward, we expect to see further sequential growth in our Power business in Q3."

YJ Kim continued, "In our Display business, we continue to collaborate closely with our new global panel customer. We are very optimistic about our long-term growth prospects, as our products offer compelling competitive advantages that will enable us to penetrate the rapidly expanding OLED market in Asia. Additionally, we are pleased to announce our Board of Directors' authorization of a new $50 million stock buyback program as part of our commitment to enhance shareholder value."

Q2 2023 Financial Highlights

In thousands of U.S. dollars, except share data

GAAP

ARIVA.DE Börsen-Geflüster

Kurse

Magnachip Semiconductor

4,68 €

+1,74%

Q2 2023

Q1 2023

Q/Q change

Q2 2022

Y/Y change

Revenues

Standard Products Business

Display Solutions

9,657

10,841

down

10.9

28,336

down

65.9

Power Solutions

41,718

40,673

2.6

62,952

down

33.7

Transitional Fab 3 foundry services⁽¹⁾

9,604

5,491

74.9

10,088

down

4.8

Gross Profit Margin

22.2

21.2

1.0

%pts

28.6

down

6.4

%pts

Operating Income (Loss)

(10,656)

(21,818)

n/a

2,002

down

n/a

Net Income (Loss)

(3,947)

(21,470)

n/a

(3,340)

down

n/a

Basic Loss per Common Share

(0.09)

(0.49)

n/a

(0.07)

down

n/a

Diluted Loss per Common Share

(0.09)

(0.49)

n/a

(0.07)

down

n/a

In thousands of U.S. dollars, except share data

Non-GAAP⁽²⁾

Q2 2023

Q1 2023

Q/Q change

Q2 2022

Y/Y change

Adjusted Operating Income (Loss)

(7,762)

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