The company said revenue for the quarter ended June 28, 2024 was $1,735.2 million, down $359.2 million from $2,094.4 million a year earlier, or about 17%. It said revenue declined in PSG, AMG and ISG alike, citing lower demand in end markets such as automotive and industrial.

10-QQuarterly reportFiled Jul 29, 2024Period of report Jun 28, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said revenue for the quarter ended June 28, 2024 was $1,735.2 million, down $359.2 million from $2,094.4 million a year earlier, or about 17%. It said revenue declined in PSG, AMG and ISG alike, citing lower demand in end markets such as automotive and industrial.
The company said gross profit for the quarter was $784.0 million, down $209.4 million from $993.4 million a year earlier, and gross margin fell from 47.4% to 45.2%. It said lower volume reduced gross profit by about $183 million from existing products and $47 million from new products, while the reduction in the lower-margin foundry business at its EFK location offset about $20 million.
The company said it began a business realignment in Q2 of 2024, notifying about 1,000 employees of termination and asking about 300 employees to be reassigned or relocate to another site. It said it recognized severance and related charges of about $52.5 million and asset impairment and other charges of about $18.8 million.
The company said operating cash flow for the 6 months ended June 28, 2024 was $860.9 million, and cash and short-term investments were about $2.7 billion as of the balance date. It said it repurchased about 2.1 million shares for a total of $150.1 million in Q2.

Key figures

Quarter ended June 28, 2024

Revenue: $1.7B
Operating income: $389M
Net income: $338M
EPS: $0.78
Gross profit: $784M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 Revenue Down $1,735.2 million Year Over Year

The company said revenue for the quarter ended June 28, 2024 was $1,735.2 million, down $359.2 million from $2,094.4 million a year earlier, or about 17%. It said revenue declined in PSG, AMG and ISG alike, citing lower demand in end markets such as automotive and industrial.

Source · Based on the MD&A text of the filing

Q2 Gross Profit $784.0 million, Gross Margin 45.2%

The company said gross profit for the quarter was $784.0 million, down $209.4 million from $993.4 million a year earlier, and gross margin fell from 47.4% to 45.2%. It said lower volume reduced gross profit by about $183 million from existing products and $47 million from new products, while the reduction in the lower-margin foundry business at its EFK location offset about $20 million.

Source · Based on the MD&A text of the filing

2024 Business Realignment: About 1,000 Employees Notified of Termination, Charges Recognized

The company said it began a business realignment in Q2 of 2024, notifying about 1,000 employees of termination and asking about 300 employees to be reassigned or relocate to another site. It said it recognized severance and related charges of about $52.5 million and asset impairment and other charges of about $18.8 million.

Source · Based on the MD&A text of the filing

Operating Cash Flow $860.9 million Over 6 Months, Liquidity and Share Repurchases

The company said operating cash flow for the 6 months ended June 28, 2024 was $860.9 million, and cash and short-term investments were about $2.7 billion as of the balance date. It said it repurchased about 2.1 million shares for a total of $150.1 million in Q2.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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