Pixelworks reports Q2 adjusted EPS (13c), consensus (14c)

Reports Q2 revenue $8.5M, consensus $8.5M. “Second quarter revenue was at the midpoint guidance and largely reflected the expected headwinds in our mobile business, primarily related to the inventory correction at a large mobile OEM customer,” stated Todd DeBonis, President and CEO of Pixelworks. “In response and to better align expenses with near-term revenue levels, we implemented cost reduction actions during the quarter, which are anticipated to result in $4 million of annualized cost saving beginning in the third quarter of 2024.