Pixelworks sees Q3 revenue $16M, consensus $16M

Pixelworks announced preliminary revenue results for the Q3. Consolidated revenue for the third quarter is expected to increase 18% sequentially to approximately $16M, driven by record mobile revenue. “Mobile revenue in the Q3 is expected to increase over 20% sequentially and over 35% year-over-year to a new quarterly record and anticipated to represent more than 50% of total revenue,” commented Todd DeBonis, President and CEO of Pixelworks. “We have experienced a positive response on the first IRX-certified smartphone models launched by our tier-one customers, including multiple upside orders. Additionally, our collaborative engagements with the top gaming studios, including Nuverse-ByteDance, Perfect World and NetEase, have been well received by the mobile gaming ecosystem. As a result, our bookings to-date fully support continued sequential growth in mobile with total revenue for the Q4 expected to be at least $19M.”