Magnachip Semiconductor reported second quarter revenue of $44.7 million, missing analyst estimates of $46.5 million but falling within its guidance range. The company posted a loss per share of $0.21, beating expectations for a $0.22 loss. Gross margin of 19.3% surpassed the high end of the company's 17%-19% guidance.
Key Highlights
- Gross margin came in at 19.3%, beating the company's guided range of 17.0% to 19.0% and expanding from 15.6% in the prior quarter.
- Revenue declined 6.1% year-over-year to $44.7 million, driven by a 23.0% drop in the Power IC business, which partially offset a smaller 4.0% decline in Power Analog Solutions.
- The company guided third quarter revenue to a range of $41.5 million to $45.5 million, representing a sequential decline of 2.7% at the midpoint, citing supply chain constraints, lower consumer demand, and pricing pressure.