Earnings Results to Track: Pixelworks, Inc.’s (NASDAQ: PXLW)

On 12 Dec 18, Pixelworks, Inc.’s (NASDAQ: PXLW) oscillated between $3.4472 and $3.6300 before concluding trading period lower/higher 2.64% at $3.50. The stock recorded total trading quantity of 192,149 shares as compared to its average volume of 246,861 shares. The firm has a total market worth of $128.124M and $37.32 million shares remain outstanding.

Pixelworks, Inc. (PXLW) recently reported financial results for the third quarter ended September 30, 2018.

Third Quarter and Recent Highlights

  • Mobile revenue grew 33% sequentially, driven by volume production orders of Iris mobile processors
  • Reported wins on newly released smartphones, the ZTE Axon 9 Pro, Nokia 7.1 and Black Shark Helo
  • Video Delivery revenue grew 70% sequentially and was accretive to quarterly earnings
  • Ramped shipments of XCode trans-coding chips to leading consumer electronics OEMs in Japan
  • Recorded GAAP profitability and generated $3.6M in cash flow from operations

Third Quarter 2018 Financial Results

  • Revenue in the third quarter of 2018 was $21.5M, contrast to $19.3M in the second quarter of 2018 and $18.8M in the third quarter of 2017. The sequential and year-over-year raise in third quarter revenue was driven by growth across all of the Company’s target end markets.
  • On a GAAP basis, gross profit margin in the third quarter of 2018 was 52.3%, contrast to 49.5% in the second quarter of 2018 and 48.0% in the third quarter of 2017. Third quarter 2018 GAAP operating expenses were $10.8M, contrast to $12.0M in the second quarter of 2018 and $13.4M in the year-before quarter.
  • For the third quarter of 2018, the Company recorded GAAP net income of $231,000, or $0.01 per diluted share, contrast to a GAAP net loss of $2.6M, or $(0.07) per share, in the second quarter of 2018 and a GAAP net loss of $4.7M, or $(0.14) per share, in the year-before quarter.
  • On a non-GAAP basis, third quarter 2018 gross profit margin was 54.7%, contrast to 52.7% in the second quarter of 2018 and 54.9% in the year-before quarter. Third quarter 2018 non-GAAP operating expenses were $8.9M, contrast to $10.0M in the second quarter of 2018 and $8.9M in the year-before quarter. Operating expenses in the third quarter of 2018 included the recognition of about $1.8M of anticipated offsets to R&D related to the Company’s co-development project with a large digital projector consumer.
  • For the third quarter of 2018, the Company recorded non-GAAP net income of $2.5M, or $0.07 per diluted share, contrast to a non-GAAP net loss of $140,000, or $(0.00) per share, in the second quarter of 2018 and non-GAAP net income of $976,000, or $0.03 per diluted share, in the year-before quarter. Adjusted EBITDA in the third quarter of 2018 was $3.8M, contrast to $1.1M in the second quarter of 2018 and $2.3M in the year-before quarter.

The volatility in the previous week has experienced by 4.86% and observed of 5.32% in the previous month.35.80% ownership is held by institutional investors while insiders hold ownership of 1.40%. The average true range of the stock is observed at 0.21 and the relative strength index of the stock is recorded at 36.66.

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