MagnaChip (MX) Misses Q1 EPS by 8c

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Go back to MagnaChip (MX) Misses Q1 EPS by 8c

MagnaChip Delivers Solid Execution in First Quarter 2020

May 6, 2020 4:04 PM EDT

SEOUL, South Korea and SAN JOSE, Calif., May 6, 2020 /PRNewswire/ -- MagnaChip Semiconductor Corporation (NYSE: MX) ("MagnaChip" or the "Company") today announced financial results for the first quarter of 2020.

In accordance with U.S. GAAP, the Company's Foundry Services Group has been accounted for as a discontinued operation beginning in the first quarter of 2020, thereby impacting comparability to previously issued financial guidance. In March 2020, the Company announced the execution of a definitive agreement to sell the Foundry business and Fab 4. As previously reported, the transaction value is approximately $435 million, which includes $344.7 million... More