Magnachip Semiconductor Corporation (NYSE: MX) revealed its financial performance for the third quarter of 2024, showcasing a strong quarter with consolidated revenue hitting the high end of expectations. The company reported a revenue of $66.5 million, notably within the guided range of $61.5-$66.5 million. This data was disclosed in a press release on October 30, 2024.
The key financial highlights for Q3 included a 25.9% sequential revenue increase in the standard product business segment. The consolidated gross profit margin stood at 23.3%, meeting the midpoint of the anticipated range of 22.5%-24.5%. Furthermore, the standard product business gross profit margin was 24.4%, up by 1.3 percentage points compared to the previous quarter.
Among the operational highlights was the commencement of initial DDIC production and shipments for a leading China OEM’s premium smartphone model along with a purchase order from a second major China smartphone OEM which commenced shipments in October 2024. Additionally, the company began sampling its new OLED driver designed with next-generation IP, featuring enhancements like sub-pixel rendering and a substantial reduction in power consumption compared to prior models.
Looking forward, Magnachip anticipates a modest sequential decline in standard product business revenue in Q4, surpassing the typical seasonality trends experienced in previous years. The company reiterated its full-year guidance for double-digit growth in both the MSS (Mixed-Signal Solutions) and PAS (Power Analog Solutions) businesses in 2024.
In terms of financial guidance, Magnachip expects consolidated revenue for Q4 to range between $59.0 million and $64.0 million and projects the consolidated gross profit margin to range between 21.5% and 23.5%. For the full year 2024, the company predicts double-digit revenue growth in both MSS and PAS businesses.
Magnachip will host a related earnings conference call on October 30, 2024, at 2:00 p.m. PT / 5:00 p.m. ET to delve into these financial results further.
Disclaimer: This report contains forward-looking statements by Magnachip Semiconductor Corporation. Actual results may vary due to several factors, as detailed in the company’s filings with the U.S. Securities and Exchange Commission.
For more detailed information, refer to Magnachip’s official release and financial statements available on their website.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Magnachip Semiconductor’s 8K filing here.
Magnachip Semiconductor Company Profile
Magnachip Semiconductor Corporation, together with its subsidiaries, designs, manufactures, and supplies analog and mixed-signal semiconductor platform solutions for communications, the Internet of Things, consumer, computing, industrial, and automotive applications. It provides display solutions, including source and gate drivers, and timing controllers that cover a range of flat panel displays used in mobile communications, automotive, entertainment devices, monitors, notebook PCs, tablet PC and TVs applied with liquid crystal display, organic light emitting diodes (OLED), and micro light emitting diode (Micro LED) panel.
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