Reports preliminary FY22 revenue $1.2B, consensus $1.17B. Non-IFRS gross margin was 40.6%, down from 48.5% of last year. "Q4 sales outperformance can be attributed to our ongoing efforts to deplete excess inventory with better progress than expected toward the end of the fourth quarter, especially in the small and medium size TDDI segments. However, the inventory offloading process has adversely impacted gross margin as, where necessary, inventory sales were priced at a discount with goods prepared when both foundry and backend prices were higher due to overall tight capacity at the time. Looking ahead, we expect inventory levels to normalize within the next 2 to 3 quarters. We will provide additional detailed updates during the upcoming earnings call," said Mr. Jordan Wu, President and CEO of Himax.
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