OLED driver IC developer MagnaChip reported its financial results for Q2 2019, with revenues that exceeded its own guidance. One of the company's main growth drivers is OLED display driver ICs, which were up 7% from Q2 2018 to $73 million, the company's highest quarter ever.
Magnachip says that its OLED business benefited from six new OLED smartphone that were launched in Asia during the quarter, and the company also secured four new design wins. Most of its OLED driver revenues are from its 40-nm display driver, but its new 28-nm driver has entered mass production and will be a key revenue driver going forward.
MagnaChip also announced that it has surpassed the 500 million milestone in cumulative shipments of OLED display driver ICs. MagnaChip introduced its first OLED driver in 2003 and began mass production, using the 150- nanometer (nm) process, in 2007. MagnaChip intends to continue to expand the OLED display product line for smartphones and for multiple applications in the consumer, automotive, and industrial sectors.