Magnachip reports fourth quarter 2010 financial results

Korea-based semiconductor manufacturer Magnachip has announced financial results for the quarter ended 31 December 2010 in which revenue was $186.8m (£116.1m), a 10.8 per cent decrease compared to $209.4m for the third quarter of 2010 and a 15.1 per cent increase year over year.

Gross profit was $60.4m or 32.3 per cent of revenue for the fourth quarter of 2010, down from gross profit of $69.3m for the previous quarter but up from $37.1m for the same period of the previous year.

Operating expense was $36.9m or 19.7 per cent of revenue for the fourth quarter of 2010, compared with $39.8m for the third quarter and $40m for the combined three-month period ended 31 December 2009.

Combined cash balances (cash and cash equivalents plus short-term investments) totalled $172.2m at the end of 2010’s fourth quarter, representing an increase of $10.7m from the end of the prior quarter.