Positive Market Response on First
IRX-Certified Smartphones Driving Increased Demand for
Mobile Visual Processors and Record Mobile Revenue
PORTLAND,
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.
"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."
All 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.
About 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.
Note: Pixelworks and the Pixelworks logo are
trademarks of Pixelworks, Inc.
Safe Harbor Statement
This release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These statements
may be identified by use of terms such as "begin," "continue,"
"will," "expect", "believe," "anticipate" and similar terms or the
negative of such terms, and include, without limitation, statements
about the Company's financial performance in Q3 and Q4 of 2023. All
statements other than statements of historical fact are
forward-looking statements for purposes of this release, including
any projections of revenue or other financial items or any
statements regarding the plans and objectives of management for
future operations. Such statements are based on management's
current expectations, estimates and projections about the Company's
business. These statements are not guarantees of future performance
and involve numerous risks, uncertainties and assumptions that are
difficult to predict. Actual results could vary materially from
those contained in forward looking statements due to many factors,
including, without limitation: the actual performance of the
smartphone market in China through
the end of 2023; our ability to execute on our strategy;
competitive factors, such as rival chip architectures, introduction
or traction by competing designs, or pricing pressures; current
economic challenges, both globally and in China; changes in the digital display and
projection markets; seasonality in the consumer electronics market;
our limited financial resources; and our ability to attract and
retain key personnel. More information regarding potential factors
that could affect the Company's financial results and could cause
actual results to differ materially from those discussed in the
forward-looking statements is included from time to time in the
Company's Securities and Exchange Commission filings, including its
Annual Report on Form 10-K for the year ended December 31, 2022, as well as subsequent SEC
filings.
The forward-looking statements contained in
this release are as of the date of this release, and the Company
does not undertake any obligation to update any such statements,
whether as a result of new information, future events or
otherwise.
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SOURCE Pixelworks, Inc.