Business
Pixelworks Reports Third Quarter 2022 Financial Results
Mobile Revenue Grew 25% Year-over-Year Despite Challenging Smartphone Market; Projector Revenue Increased 10% Year-over-Year PORTLAND, Ore., Nov. 7, 2022
About this update from Pixelworks, Inc.
[{"type":"text","content":"Mobile Revenue Grew 25% Year-over-Year Despite Challenging Smartphone Market; Projector Revenue Increased 10% Year-over-Year \nPORTLAND, Ore., Nov. 7, 2022 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ: PXLW), a leading provider of innovative video and display processing solutions, today announced financial results for the third quarter ended September 30, 2022.\nThird Quarter Overview\nTotal revenue increased 16% year-over-year and decreased 8% sequentially, in line with expectationsMobile revenue increased 25% year-over-year, contributing to growth of 44% year-to-date compared to the same period in 2021Projector revenue increased 10% year-over-year and 5% sequentially to represent the highest quarterly level in more than two yearsiQOO Neo7 smartphone incorporated the upgraded Pixelworks X5 series visual processor, providing end-users with a more captivating gaming and video experienceDisney and 20th Century rereleased James Cameron's Avatar in 4K HDR to theaters, marking the first-ever title to be remastered and released in cinematic high frame rate utilizing the TrueCut Motion platformClosed new strategic investment in the Company's Shanghai subsidiary, generating net proceeds of approximately $10.7 million USD and valuing the subsidiary at approximately $471.5 million.\"Total revenue was at the mid-point of our guidance, demonstrating the team's continued execution while navigating a weaker smartphone market and overall macro environment,\" stated Todd DeBonis, President and CEO of Pixelworks. \"Further underscoring our sustained progress against this challenging backdrop, both our mobile and projector businesses achieved double-digit revenue growth year-over-year for the sixth consecutive quarter.\"\n\"In addition to our solid operating performance, during the quarter we successfully closed a strategic investment in our Shanghai subsidiary at nearly 2x the valuation of the previous investment round. Our ability to execute this transaction in the current environment highlights the recognition and growing opportunity for our visual processing technology across Asia. It also enabled us to further strengthen our balance sheet in support of driving continued momentum in our mobile business and commercialization of our TrueCut Motion platform.\n\"We also continue to expand the ecosystems around our growth businesses, which includes a ...