Chip Industry Earnings: A Mixed Bag

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:

  • Lower future quarter guidance to varying degrees, due to the recent U.S. export restrictions related to China;
  • Negative impact of the inflationary environment on cornerstone consumer electronics;
  • Mostly stable demand for chips used in data center and AI-related products;
  • Go-forward reductions in future capital spending, particular among memory makers, and
  • More favorable overall market conditions in mid/late 2023 expected for most companies

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.

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
(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

(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

(Oct 31)
Third US $2.1B (net sales) 24% revenue increase
(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
(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

(Oct 25)
Third €610M

~US $611M

33% revenue increase

“Expect the new export restrictions will affect more than 40% of our sales in China”

(Oct 24)
Third US $903M 20% revenue increase

Q4 revenue outlook:
$870 – $890 million

Expect impact of US trade restrictions to be “limited and manageable”

(Nov 8)
Third US $2.1B 22% revenue increase; record 300mm-equivalent wafer shipments
(Oct 19)
Third US $14.1B 15% revenue increase
(constant currency), driven by infrastructure & cloud revenue
(Oct 27)
Third US $15.3B 20% revenue decrease , with foundry services down 2%

$3B in restructuring charges in 2023

(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
(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
Fourth US $6.64B 20% revenue decrease

50% wafer fab equipment capex cut

(Nov 3)
Third US $144M 28% revenue increase, with record sales of optical CD integrated metrology platforms
(Oct 31)
Third US $3.45B 20% revenue increase
consumer business impacted but resilient automotive/industrial
(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
(Nov 2)
Fourth US $11.4B 22% revenue increase

Outlook temporarily impacted by elevated
channel inventory

(Oct 31)
Third US $112.2M 38% revenue increase

record quarterly product revenue driven by memory interface chips

(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

(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

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

(Oct 26)
Third NT$75.39B


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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