MagnaChip Semiconductor Updates Financial Guidance For First Quarter of 2020; Anticipates Higher Revenue
Magnachip Semiconductor Corporation (MX)
Last magnachip semiconductor corporation earnings: 2/19 04:05 pm
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Source: PR Newswire
SEOUL, South Korea and SAN JOSE, Calif., March 10, 2020 /PRNewswire/ -- MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE: MX) today updated its financial guidance for the first quarter ending March 31, 2020. The Company raised its anticipated revenue guidance range to $187 million to $197 million as compared to the previous guidance of $180 million to $195 million. The previous guidance range for the first quarter was previously provided on February 19, 2020 when the Company reported financial results for the fourth quarter of 2019. The Company is providing this business update due to the extraordinary business circumstances caused globally by the COVID-19 coronavirus health crisis and investor uncertainty about the potential impact of the coronavirus on the Company's business operations since its last market update.CEO YJ Kim Comments on Q1 2020 Guidance"Due to stronger-than-expected demand, we now anticipate that revenue in the first quarter to be in the ran
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