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Pixelworks Reports First Quarter 2023 Financial Results
Anticipates Strong Recovery in Mobile Revenue Beginning in the Second Quarter PORTLAND, Ore., May 9, 2023 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a
About this update from Pixelworks, Inc.
[{"type":"text","content":"Anticipates Strong Recovery in Mobile Revenue Beginning in the Second Quarter\nPORTLAND, Ore., May 9, 2023 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the first quarter ended March 31, 2023.\nFirst Quarter and Recent Highlights\nHONOR Magic5 Pro and HONOR Magic5 Ultimate smartphones launched incorporating Pixelworks' advanced X5 Plus visual processor, with the HONOR Magic5 Pro scoring 151 in DXOMARK's display test and ranking #1 in global smartphone display performanceOnePlus 11 and OnePlus Ace 2 flagship smartphones launched with Pixelworks' X7 visual processor, enabling both ultra-low latency 120fps and low power super-resolution mobile gaming on over 100 game titlesOPPO affiliate incorporated Pixelworks' X5 Plus visual processor in newly launched realme GT Neo5, enabling powerful display performance that couples high frame rate together with high clarity and color accuracyASUS launched ROG Phone 7 Series integrating Pixelworks visual processing enhancements, including immersive HDR picture quality, superior color calibration and reproduction as well as DC dimmingAnnounced partnership with GALA Sports, the largest mobile sports simulation game developer in China, to integrate Pixelworks' Rendering Accelerator SDK in Total Football, a top-ranking football simulation game20th Century Studios and Lightstorm Entertainment re-release Titanic '25th Anniversary' remastered in 4K 3D and cinematic high frame rate, becoming the third theatrical release to utilize the TrueCut Motion platformClosed previously announced strategic investment in the Company's Shanghai subsidiary, generating net proceeds of $14.6 million USD based on a pre-money valuation of $501.4 million, further strengthening Pixelworks Shanghai's capital position and contributing to the Company's consolidated cash balance of $62.8 million at quarter end\"First quarter results were consistent with our prior guidance, as we worked through the inventory correction in the broader smartphone industry as well as the anticipated seasonality in the projector market,\" stated Todd DeBonis, President and CEO of Pixelworks. \"We are confident that the first quarter represented the bottom for Pixelworks in the cyclical downturn, as the previous inventory of our mobile I...