MagnaChip announced its Q2 2018 financial results - with revenues of $199.7 million, exceeding its guidance and an almost 20% increase from Q2 2017. The company reported record OLED display driver revenues of $62.2 million - up 81.3% from Q1 2018 and up 300% from Q2 2017.

MagnaChip now expects that OLED revenues in 2018 will exceed the $161 million it recorded in 2016.

In May 2018 Magnachip announced it secured ten new OLED design wins in Q1 2018 from phone makers in China and elsewhere in Asia. MagnaChip now said it actually started production for 15 new OLED smartphones - and expect to start producing drivers for six new smartphones in Q3 2018. The company also secured its first design for an OLED tablet application in Q2 2018.

Magnachip also announced that it is developing a new flexible OLED display driver based on the company's ultra-low power 28-nanometer process. In May 2018 Magnachip launched its 3rd-generation 40-nm OLED display driver (DDIC) that supports edge-type displays, 21:9 and bezel-less displays and notch-type OLEDs.

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