Magnachip Q2 revenue $53.2M beats guidance; gross margin 21.8% above high end

MAGNACHIP SEMICONDUCTOR Corp

2024-Q2 EPS reported -$0.74 revenue$102,238,000

Q2 revenue $53.2M, above mid-point of $49-54M guidance; gross margin 21.8% exceeded upper end of 17-19%.
Standard Products revenue up 11.6% sequentially to $50.8M, driven by Power, OLED, and Power IC.
GAAP net loss $13.0M ($0.34/share); adjusted net loss $8.1M ($0.21/share).
Cash and short-term investments $162.5M; repurchased ~0.5M shares for $2.3M during Q2.
Expects Standard Products revenue to increase sequentially in Q3 on higher Power, OLED, and Power IC demand.

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