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Pixelworks Announces Preliminary Third Quarter 2023 Revenue Results and Initial Outlook for Fourth Quarter
Positive Market Response on First IRX-Certified Smartphones Driving Increased Demand for Mobile Visual Processors and Record Mobile Revenue PORTLAND, Ore.,
About this update from Pixelworks, Inc.
[{"type":"text","content":"Positive Market Response on First IRX-Certified Smartphones Driving Increased Demand for Mobile Visual Processors and Record Mobile Revenue\nPORTLAND, Ore., Oct. 4, 2023 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced preliminary revenue results for the third quarter ended September 30, 2023. Consolidated revenue for the third quarter is expected to increase 18% sequentially to approximately $16 million, driven by record mobile revenue.\n\"Mobile revenue in the third quarter is expected to increase over 20% sequentially and over 35% year-over-year to a new quarterly record and anticipated to represent more than 50% of total revenue,\" commented Todd DeBonis, President and CEO of Pixelworks. \"We have experienced a positive response on the first IRX-certified smartphone models launched by our tier-one customers, including multiple upside orders. Additionally, our collaborative engagements with the top gaming studios, including Nuverse-ByteDance, Perfect World and NetEase, have been well received by the mobile gaming ecosystem. As a result, our bookings to-date fully support continued sequential growth in mobile with total revenue for the fourth quarter expected to be at least $19 million.\"\nAll results presented in this press release are preliminary and unaudited, and they are subject to adjustment during the standard accounting close process. Pixelworks will report its complete financial results for the third quarter 2023 as part of the Company's quarterly earnings conference call, which is expected to be held in early November.\nAbout Pixelworks, Inc.Pixelworks provides industry-leading content creation, video delivery and display processing solutions and technology that enable highly authentic viewing experiences with superior visual quality, across all screens – from cinema to smartphone and beyond. The Company has a 20-year history of delivering image processing innovation to leading providers of consumer electronics, professional displays, and video streaming services. For more information, please visit the company's web site at www.pixelworks.com.\nNote: Pixelworks and the Pixelworks logo are trademarks of Pixelworks, Inc.\nSafe Harbor StatementThis release contains forward-looking statements within the meaning of Section 27A of the ...