OLED driver IC developer MagnaChip has reported its financial results for Q2 2021. Display revenues were "negatively impacted by severe supply constraints that continued to deepen in the second quarter".

Magnachip drivers and chips photo

The company says it cannot meet its customers needs, due to the global component shortages as well as changes in Mangachip's foundry partners' wafer allocation plans. The company continues to work closely with its strategic customers and foundry partners to secure long-term supply capacity for OLED DDICs, being mindful of the fact that global supply constraints are having a significant impact on the OLED business.

Earlier this year Magnachip announced that it is being acquired by China-based Wise Road Capital, for $1.4 billion. Due to the pending merger, Magnachip did not host a conference call and hasn't provided a revenue guidance. The Committee on Foreign Investment in the United States (CFIUS) is looking into blocking this deal.

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