Pixelworks, Inc. (PXLW) is up 2.58% in the pre-market trading session at the price of $7.95 despite any recent news. PXLW delivers industry-leading content creation, video delivery, and display processing solutions. It has the technology that enables highly authentic viewing experiences with superior visual quality.
High-end Flagship iQOO 8 Series with Pixelworks Technology
PXLW, on 17th August 2021, declared that the iQOO 8 series smartphone from the iQOO brand of Vivo incorporates the Pixelworks X5 Pro visual processor. The iQOO 8 model features a flat AMOLED screen with a refresh rate of120 Hz. It has a maximum resolution of 1080 x 2376 pixels. The iQOO 8 Pro provides uniformly consistent Top Tier display performance through DisplayMate’s extensive Lab Tests and Measurements.
PXLW Reported Second Quarter 2021 Financial Results
On 10th August 2021, PXLW announced financial results for the second quarter ended on 30th June 2021.
CEO of PXLW, Todd DeBonis, remarked that they had a solid and very busy second quarter. They had sequential and year-over-year basis revenue growth of over 50%. They continued to gain increased traction across an expanded number of OEMs and launched models during the first half of 2021. Their projector business profited from a substantial market recovery as well as increased demand. Consolidated gross margin also expanded significantly in the quarter to above 50%, he added.
Financial Highlights
PXLW reported revenue of $14.1 million for the second quarter of 2021. The total revenue was $9.3 million in the first quarter of 2021 and $9.3 million in the second quarter of 2020. The 50% sequential and year-over-year increase in Q2 revenue resulted from the strong growth and record revenue in the mobile market. It indicated a significant rebound in demand in the projector market.
PXLW reported a GAAP net loss of $4.4 million or $0.08 per share for the second quarter of 2021. A GAAP net loss of $8.1 million or $0.16 per share was reported in the first quarter of 2021. GAAP net loss was $6.6 million or $0.17 per share in the same quarter the previous year. The gross profit margin in the second quarter of 2021 was 50.6%, compared to 40.2% in the first quarter of 2021. Gross profit was 54.6% in the second quarter of the previous year. GAAP operating expenses for the second quarter of 2021 were $11.6 million. Operating expenses were $11.6 million in the first quarter of 2021 and $11.5 million in the prior year same quarter.
