MagnaChip (MX) Misses Q3 EPS by 8c

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Go back to MagnaChip (MX) Misses Q3 EPS by 8c

Magnachip Reports Results for Third Quarter 2022

November 2, 2022 4:05 PM EDT

Revenue of $71.2 million was within our guidance range. The year-over-year and sequential decline were primarily driven by the supply shortages of OLED wafers in the 2nd half of this year that impacted design-in projects from our large panel customer in Korea. Gross profit margin was 24.2%, below the low end of our guidance range as we recorded a $3.3 million charge to scrap 12-inch wafers as a result of slowing demand caused by elevated smartphone inventories in China.GAAP diluted loss per share was $0.38.Non-GAAP diluted earnings per share was... More