Magnachip Reports Results for Second Quarter 2023 Announces 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




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




up




2.6

%



62,952




down




33.7

%

Transitional Fab 3 foundry services (1)



9,604




5,491




up




74.9

%



10,088




down




4.8

%

Gross Profit Margin



22.2

%



21.2

%



up




1.0

%pts



28.6

%



down




6.4

%pts

Operating Income (Loss)



(10,656)




(21,818)




up




n/a




2,002



down




n/a


Net Income (Loss)



(3,947)




(21,470)




up




n/a




(3,340)




down




n/a


Basic Loss per Common Share



(0.09)




(0.49)




up




n/a




(0.07)




down




n/a


Diluted Loss per Common Share



(0.09)




(0.49)




up




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)




(12,249)




up




n/a




4,787




down




n/a


Adjusted EBITDA



(3,594)




(7,873)




up




n/a




8,525




down




n/a


Adjusted Net Income (Loss)



(2,472)




(10,367)




up




n/a




10,567




down




n/a


Adjusted Earnings (Loss) per Common Share—Diluted



(0.06)




(0.24)




up




n/a




0.23




down




n/a


___________

(1)

Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, and for a period of up to three years, we will provide transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi ("Transitional Fab 3 Foundry Services"). Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the standard products business allows investors to better understand the results of our core standard products display solutions and power solutions businesses.

(2)

Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income (loss) or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.


1 | 2 | 3 | 4 | 5 | 6 | 7  Next Page »
Featured Video
Jobs
Senior Platform Software Engineer, AI Server - GPU for Nvidia at Santa Clara, California
GPU Design Verification Engineer for AMD at Santa Clara, California
Design Verification Engineer for Blockwork IT at Milpitas, California
Senior Firmware Architect - Server Manageability for Nvidia at Santa Clara, California
Sr. Silicon Design Engineer for AMD at Santa Clara, California
CAD Engineer for Nvidia at Santa Clara, California
Upcoming Events
Phil Kaufman Award Ceremony and Banquet to be held November 6 at Hayes Mansion at Hayes Mansion 200 Edenvale Ave San Jose CA - Nov 6, 2024
SEMICON Europa 2024 at Messe München München Germany - Nov 12 - 15, 2024
DVCon Europe 2023 at Holiday Inn Munich – City Centre Munich Germany - Nov 14 - 15, 2024
SEMI MEMS & Imaging Sensors Summit, at International Conference Center Munich Germany - Nov 14, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise