Q2 2024 Amkor Technology Inc Earnings Call Transcript
Key Points
- Amkor Technology Inc (AMKR) delivered second quarter performance in line with expectations, with revenue of $1.46 billion and EPS of $0.27.
- Total revenue increased 7% sequentially, driven by demand for advanced packaging, notably for premium-tier smartphones and 2.5D technology for AI solutions.
- Amkor Technology Inc (AMKR) successfully brought online additional capacity for 2.5D technology in Korea and qualified advanced SiP and memory technology in Vietnam.
- The company reached a significant milestone by aligning on a non-binding preliminary memorandum of terms with the US Department of Commerce for up to $400 million in grants under the CHIPS and Science Act.
- Revenue from the computing end market increased 20% sequentially, driven by strength in AI devices and several new product introductions for ARM-based PCs.
- Revenue from the automotive and industrial end market was down 2% sequentially due to weak demand and ongoing inventory corrections.
- Revenue within the Android supply chain declined slightly sequentially.
- The slower than expected recovery in the automotive and industrial markets, together with continued weak demand in traditional data centers, has dampened anticipated growth in the third quarter.
- High-bandwidth memory supply constraints may limit revenue growth in the third quarter.
- Gross margin declined modestly from Q1 due to higher material content, and several factories still showed low utilization, necessitating a focus on cost control.
Good day, ladies and gentlemen, and welcome to the Amkor Technology second quarter 2024 earnings conference call. My name is Diego, and I will be your conference facilitator today. (operator instructions) As a reminder, this conference is being recorded.
I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.
Thank you, operator. Good afternoon, everyone, and thank you for joining us for Amkor's second quarter 2024 earnings conference call. Joining me today are Giel Rutten, our Chief Executive Officer, and Megan Faust, our Chief Financial Officer.
Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website, along with the presentation slides that accompany today's call. During this presentation, we will use non-GAAP financial measures and you can find the reconciliation to the US GAAP equivalent on our website.
We will make forward-looking
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