Magnachip Q2 revenue $61.0M (down 39.8% YoY); announces $50M stock buyback

MAGNACHIP SEMICONDUCTOR Corp

2023-Q2 EPS reported -$0.60 revenue$117,984,000

Revenue $61.0M, down 39.8% YoY but up 7% sequentially; GAAP diluted loss $0.09, adjusted loss $0.06.
Gross margin 22.2%, up 100 bps QoQ from higher Gumi Fab utilization.
Ended Q2 with $173M cash, no debt; completed $25.5M buyback in the quarter.
Board authorized a new $50M stock buyback program.
Power Solutions revenue $41.7M (+2.6% QoQ) on Industrial/Auto; Display Solutions down 65.9% YoY.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MAGNACHIP SEMICONDUCTOR Corp reported the second quarter ended June 30, 2023 results: revenue $61.0 million, net income (3,947 ), EPS $(0.09).

Period: the second quarter ended June 30, 2023
Revenue: $61.0 million
Net income: (3,947 )
EPS: $(0.09)
Result: reported results

Exact text from the filing

in such filing. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 Magnachip Reports Results for Second Quarter 2023 Announces New $50 Million Stock Buyback Program • Revenue of $61.0 million was in-line with guidance (vs $60.5M mid-point) and was down 39.8% YoY and up 7% sequentially. • Gross profit margin was 22.2%, up 100 basis points from Q1. The sequential

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Source: SEC EDGAR

accession 0001193125-23-204990

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