Business
Pixelworks Reports Second Quarter 2023 Financial Results
Mobile Revenue Increased 109% Sequentially, Reaching a Record 50% of Total Revenue PORTLAND, Ore., Aug. 8, 2023 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ:
About this update from Pixelworks, Inc.
[{"type":"text","content":"Mobile Revenue Increased 109% Sequentially, Reaching a Record 50% of Total Revenue\nPORTLAND, Ore., Aug. 8, 2023 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the second quarter ended June 30, 2023.\nSecond Quarter and Recent Highlights\nTotal revenue increased 37% sequentially, driven by triple-digit growth in sales of mobile visual processors to tier-one mobile OEM customers in support of previously and soon to be launched smartphone modelsFormally launched new IRX Gaming Experience brand and certification program for the mobile gaming ecosystem, representing a combination of Pixelworks' visual processor solutions and in-depth game tuning services to facilitate outstanding visual performance for top mobile games and smartphonesXiaomi, in collaboration with MediaTek and Pixelworks Shanghai, pre-announced the Xiaomi Redmi K60 Ultra smartphone, incorporating Pixelworks' X7 visual processor and newly launched IRX Gaming Experience device certificationOPPO affiliate OnePlus previewed the scheduled launch of its OnePlus Ace2 Pro flagship smartphone, featuring simultaneous super frame rate and super-resolution functionality enabled by Pixelworks' X7 visual processorAnnounced incorporation of Pixelworks' Rendering Accelerator SDK in Nuverse's latest release of the popular mobile game, Crystal of Atlan (CoA), enabling exceptionally smooth 120fps gameplay with low power consumptionRetained CITIC Securities, a leading investment bank in China, and formally began the required tutoring process in support of the planned future listing of Pixelworks Shanghai subsidiary on the STAR exchange\"The sequential growth in the quarter was primarily driven by increased shipments of our mobile ICs, which contributed to mobile revenue more than doubling and reaching a record 50% of total revenue,\" stated Todd DeBonis, President and CEO of Pixelworks. \"Our results also reflected the expected initial rebound from the low point in the cycle and the end of the smartphone inventory correction for Pixelworks.\n\"Also in the second quarter, we began ramping shipments to fulfill initial production orders from our fourth tier-one mobile customer, which is scheduled to officially launch its first model incorporating Pixelworks' visual processing so...