Why Is Pixelworks Stock Diving Premarket Wednesday?
Portfolio Pulse from Lekha Gupta
Pixelworks, Inc. (NASDAQ:PXLW) shares are down 27.3% premarket due to soft second-quarter guidance. Despite a 61% Y/Y revenue increase in Q1, the company expects Q2 revenue to be significantly lower, citing near-term headwinds in its mobile business.
May 15, 2024 | 11:51 am
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Pixelworks, Inc. shares are down 27.3% premarket due to soft second-quarter guidance. Despite a 61% Y/Y revenue increase in Q1, the company expects Q2 revenue to be significantly lower, citing near-term headwinds in its mobile business.
The significant drop in premarket share price is directly tied to the company's soft guidance for Q2, which is much lower than expected. This indicates investor concern over the near-term headwinds in the mobile business, despite strong Q1 performance.
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