MagnaChip Semiconductor Corporation announced its financial results for the first quarter of 2018. Net sales for Q1 2018 were $165.8 million, an increase of 2.5%, compared to $161.7 million in Q1 2107. Net income for Q1 2018 was $2.76 million, a decrease of 93.6%, compared to $43.7 million in Q1 2017.
In Q1 2018, Magnachip’s business segment, Foundry Services Group, showed decline in sales compared to the sales reported in Q1 2017. Net sales of the foundry services group decreased from $77.5 million to $77.4 million whereas the standard products group, which consists of the display and power solutions areas, showed growth of 4.9%. Net sales for Q1 2018 were $88.3 million compared to $84.1 million in Q1 2017. The increase in net sales of the standard products group was driven by improvement in revenue of mobile OLED driver and introduction of new OLED smartphones from China manufacturers.
Looking forward to Q2 2018 business outlook, MagnaChip expects revenues to be in the range of $182 million to $188 million, up sequentially 11.6%.
