MagnaChip Semiconductor’s Strong Q3 Revenue Growth
Company Announcements

MagnaChip Semiconductor’s Strong Q3 Revenue Growth

MagnaChip Semiconductor ( (MX) ) has realeased its Q3 earnings. Here is a breakdown of the information MagnaChip Semiconductor presented to its investors.

MagnaChip Semiconductor Corporation is a designer and manufacturer of analog and mixed-signal semiconductor solutions, primarily serving the communication, IoT, consumer, computing, industrial, and automotive sectors. The company boasts a portfolio of approximately 1,050 registered patents and has a history of over 40 years in the industry.

In the third quarter of 2024, MagnaChip reported revenue at the high end of its guidance range, with consolidated revenue at $66.5 million and a gross profit margin of 23.3%. The company observed significant sequential growth in its standard product business, including mixed-signal solutions and power analog solutions, driven by demand in industrial, computing, and consumer applications.

Key financial metrics from the report include a 25.9% sequential increase in standard product business revenue and a notable 41.8% rise in mixed-signal solutions revenue. However, the company recorded a consolidated net loss of $9.6 million. Operational highlights included new design wins in the automotive sector and initial production and shipments for a premium smartphone model from a leading Chinese OEM.

Looking ahead, MagnaChip expects a modest sequential decline in its standard product business revenue for the fourth quarter, which is anticipated to outperform typical seasonal trends. The company reaffirms its full-year guidance for double-digit growth in both its mixed-signal solutions and power analog solutions businesses in 2024.

Related Articles
TheFlyMagnaChip transferring with Buy rating at Needham
TheFlyMagnachip reports Q3 adjusted EPS (34c), consensus (19c)
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App