MagnaChip (MX) Misses Q1 EPS by 10c

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Go back to MagnaChip (MX) Misses Q1 EPS by 10c

Magnachip Reports Results for First Quarter 2023

May 3, 2023 4:05 PM EDT

Revenue of $57.0 million was within our guidance range. YoY, our revenue decreased 45.2% primarily due to continued effects of last year's 28nm wafer supply shortage that impacted second half 2022 design-wins and the ongoing inventory correction driven by weak consumer demand.Gross profit margin was 21.2%, at the low end of our guidance range. The sequential decrease was primarily due to lower utilization rate of our internal fabrication facility in response to the industry-wide slowdown and higher fab costs.GAAP diluted loss per share was $0.49.Non-GAAP diluted... More