Updated for GlobalFoundries, AMD, Amkor, Rambus, Qualcomm, Intel, Samsung, and more earnings; post-lockdown letdown for consumer-related spending; impact of export restrictions; memory sector woes.
Editor’s Note: Updated the week of Oct. 31 and Nov. 7 for additional earnings releases.
Although most companies reported revenue growth, this latest round of chip industry earnings releases reflected a few major themes:
Memory
Of particular note, memory manufacturer SK hynix’s revenue and profits declined due to “unprecedented deterioration” for DRAM and NAND, signaling it would reduce investments by 50% (year-over-year) in 2023. Micron’s announced revenue versus the prior year fell almost 20%, and 2023 capital spending will be cut by 30% overall, with a 50% cut on wafer-fab equipment.
Foundries
Foundry revenue was mixed. Intel was down 20% compared to the same period in 2021. TSMC’s revenue grew 36%, UMC’s 35%, and Samsung Foundry revenue was the highest ever (not separately broken out). While Samsung plans to increase capital expenditures this year, focusing on its logic chipmaking business, TSMC is cutting its capital spending by about 10% this year. Intel announced $3B in costs reductions in 2023, growing to $8 billion to $10 billion in annualized reductions and efficiencies by the end of 2025. All the major foundries continue to expand their technology portfolios.
Below are the recent chip industry financial announcements, as well as revenue for some of their largest customers.
| Company | Quarter | Revenue | Revenue Change vs Prior Year & Other Info |
| Advantest (Oct 27) |
Second | 138.9B yen (sales)
~US$ .95B |
52% revenue increase
2022 outlook remains unchanged Solid tester demand continues in auto/industrial/data centers |
| AMD (Nov 1) |
Third | US $5.6B | 29% revenue increase, driven by growth across the Data Center, Gaming and Embedded segments
Q4 outlook for revenue=$5.5B plus or minus $300M |
| Amkor (Oct 31) |
Third | US $2.1B (net sales) | 24% revenue increase |
| Ansys (Nov 2) |
Third | US $473M | 16% revenue increase (constant currency) |
| ASE Group (Oct 27) |
Third | NT$188,626M
~US$ 5.9B |
31% revenue increase driven by strong growth in Electronics Manufacturing Services group |
| ASML (Oct 19) |
Third | €5.8B net sales
~ US $5.8B |
10% increase net sales
Expect “fairly limited” impact of China export restrictions Record quarterly net bookings of €8.9B, including €3.8B of EUV 0.33 NA systems & EUV 0.55 NA systems |
| ASM (Oct 25) |
Third | €610M
~US $611M |
33% revenue increase
“Expect the new export restrictions will affect more than 40% of our sales in China” |
| Cadence (Oct 24) |
Third | US $903M | 20% revenue increase
Q4 revenue outlook: Expect impact of US trade restrictions to be “limited and manageable” |
| GlobalFoundries (Nov 8) |
Third | US $2.1B | 22% revenue increase; record 300mm-equivalent wafer shipments |
| IBM (Oct 19) |
Third | US $14.1B | 15% revenue increase (constant currency), driven by infrastructure & cloud revenue |
| Intel (Oct 27) |
Third | US $15.3B | 20% revenue decrease , with foundry services down 2%
$3B in restructuring charges in 2023 |
| JCET (Oct 27) |
Third | RMB 9.18B
~US $1.27B |
13.4% increase, driven by high-density system level packaging, large size flip chip technology & FOWLP technology |
| KLA (Oct 26) |
First | US $2.72B | 31% revenue increase, mostly driven by wafer inspection, patterning and services
Will be impacted by China export regulations, but long term financial target remain intact |
| Lam Research | First | US $5.07B | 18% revenue increase
Will be impacted by China export restrictions |
| Lattice Semiconductor (Oct 31) |
Third | US $172.5M | 31% revenue increase, driven by automotive, industrial, comms, & computing |
| Micron (9/29) |
Fourth | US $6.64B | 20% revenue decrease
50% wafer fab equipment capex cut |
| Nova (Nov 3) |
Third | US $144M | 28% revenue increase, with record sales of optical CD integrated metrology platforms |
| NXP (Oct 31) |
Third | US $3.45B | 20% revenue increase consumer business impacted but resilient automotive/industrial |
| onsemi (Oct 31) |
Third | US $2,192M | 26% revenue increase |
| Onto Innovation (Oct 27) |
Third | US $254M | 27% revenue increase |
| PDF Solutions (Nov 10) |
Third | US $39.9M | 35% revenue increase; expects full year 2022 total revenue growth to approach 30% on a YOY basis |
| Qualcomm (Nov 2) |
Fourth | US $11.4B | 22% revenue increase
Outlook temporarily impacted by elevated |
| Rambus (Oct 31) |
Third | US $112.2M | 38% revenue increase
record quarterly product revenue driven by memory interface chips |
| Renesas (Oct 26) |
Third | 387.1B yen
~US $2.65B |
50% revenue increase, driven by growth in industrial/infrastructure/IoT segment |
| Samsung Electronics (Oct 27) |
Third | KRW 76.78 trillion
~US $54B |
4% increase
Foundry business specifically posted record revenue on improving yields in advanced nodes |
| SK hynix (Oct 25) |
Third | KRW 10.98 trillion
~US $7.7B |
7% revenue decrease
Sluggish demand DRAM & NAND products Slashing investments by 50% next year |
| STMicroelectronics (Oct 27) |
Third | US 4.32B | 35% revenue increase driven by automotive & microcontroller groups |
| Texas Instruments (Oct 26) |
Third | US $5.24B | 13% revenue increase
4th quarter revenue outlook $4.4-4.8B |
| TSMC (10/13) |
Third | US $20.23B | 36% revenue increase (US$ based)
Wafer revenue: 5nm =28% 7nm=26% of total Q4 revenue expected to be US $19.9-20.7B |
| UMC (Oct 26) |
Third | NT$75.39B
~US$2.38B |
35% revenue increase
Fab capacity remained fully utilized Despite softening demand in consumer end markets, strengths in certain wireless comms areas drove further expansion in the 22/28nm business |
| Western Digital (Oct 27) |
First | US $3.74 billion | 26% revenue decrease
Cloud, client & consumer divisions all down |
Find the latest chip industry stock prices here, along with other recent business news.
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