MagnaChip reported its financial results for Q3 2017. The company generated revenues of $176.7 million with a 28.% gross profit margin and a net income of $5.6 million.
Regarding its OLED business, Magnachip was pleased to report that revenue from OLED display driver ICs increased 15.6% from Q2 2017. The company currently anticipate that it has the potential to generate OLED revenue that will exceed 50% growth and exceed $100 million in 2018.
In 2016 MagnaChip announced that since 2007 it has shipped over 160 million mobile AMOLED driver ICs. Most of these ICs went to smartphones, but MagnaChip also shipped drivers to digital cameras and tablets. In 2016 MagnaChip also announced it has shipped over 6 million OLED TV driver ICs.