Magnachip Expects Q1 Consolidated Revenue Of $46M-$51M (Est $53.75M); Sees 2024 Consolidated Revenue Flat-To-Up-Slightly Y/Y
Portfolio Pulse from Benzinga Newsdesk
Magnachip forecasts Q1 consolidated revenue to be between $46M-$51M, below the estimated $53.75M. The forecast includes about $3M from Transitional Foundry Services. The company also expects its 2024 consolidated revenue to be flat or slightly up year-over-year.
February 28, 2024 | 9:31 pm
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Magnachip forecasts Q1 revenue below estimates and expects 2024 revenue to be flat or slightly up.
The lower than expected Q1 revenue forecast for Magnachip could lead to negative investor sentiment in the short term, potentially impacting the stock price negatively. The outlook for flat to slightly increased revenue in 2024 suggests limited growth prospects, which may not be enough to counteract the negative impact of the Q1 forecast miss.
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