AMKR - Earnings call transcript Q3 2024

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Operator

Good day, ladies and gentlemen, and welcome to the Amkor Technology Third Quarter 2024 Earnings Conference Call. My name is Paul, and I will be your conference facilitator today. [Operator Instructions].

As a reminder, this conference is being recorded.

I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. ahead. go please Jue,

Jennifer Jue

Good Amkor's and Conference Third operator. joining Call. you us for Quarter afternoon, you, thank everyone, for Thank XXXX Earnings

and Joining Chief Financial Giel are Megan Officer; Officer. me Chief Faust, Rutten, our today Executive our

earnings that this and SEC accompany Relations of today's is with with along Investor afternoon our the call. press website, release on the Our filed page the was available presentation slides

equivalent to on measures, presentation, website. and non-GAAP you the we U.S. the find this GAAP During financial reconciliation our will can use

We we will about statements our expectations based on for performance make forward-looking it. Amkor's the currently future environment as see

Of materially filings refer for Please these from course, actual exceptions to SEC risk on release cause factors, expectations. uncertainty and could actual information results that differ our to differ. could press results

are the final XX-Q. Please financial and be in today discussed results our preliminary, included that Form will data note

call I'll turn now And the to over Giel.

Giel Rutten

the delivered with you, Good $X.XX. for afternoon, everyone, and for program EPS and by is revenue for in ARM-based Total line the premium advanced you launch thank PCs. smartphones, performance new of revenue Amkor XX% call joining expectations $X.XX billion quarter sequentially, Thank today. of with Jennifer. technology. consumer quarter, successfully In demand products ramped devices high-volume of driven mainly tier new a supporting and the several production wearable for SiP AI-enabled third

X.XD utilizing incremental high-performance especially for market, our computing AI the the ramp of for sort we volume increase In by demand continued processors, capacity.

consumer impacted XX% Amkor's mainstream advanced over The the year-to-date XXXX. versus demand a industrial automotive in for networking X% of meds increased decline our Although packaging continued revenue remained significantly servers, XXXX. with automotive and year-to-date traditional business revenue and weakness weak, and

focus X environment, and Amkor pillars. has challenging unique this on its maintained strategic Throughout

high-performance in leadership and ARM-based PCs and IoT. computing, programs Our us AI has win advanced consumer enabled in to technology packaging

a and Our investment in manufacturing customers reliable global offers chain. footprint semiconductor a resilient continued manufacturing supply

Arizona to started well. are and online our progressing we production plans Vietnam, bring In

by strengthened leaders strategic have are TSMC markets what we growth with secular the announced including industry partnerships in engagements Our with Infineon. and

to growth positions direction We are secular well the semiconductor strategic markets. Amkor from benefit the confident driver

review device me Revenue end of tier let support the multiple end in sequentially, by ramps in year-on-year within of iOS our Now phones. continued each launch but market to sequentially supply current recovery. increased the driven premium Android the chain Revenue markets. the XX% communications showed dynamics flex

in premium built the Our on phone technology. position is packaging strong our market tier advanced

the In broad last those and integration portfolio Over to and other XXXX, years, in like devices. communications wearables support by Bluetooth few RF and PCs. range saw technology of of we returns our areas a in in functionality have capabilities we in on expanded investing WiFi investments

inventory our Revenue remained longer stable. taking inventory was Year-to-date, ongoing industrial and solid. end NPI automotive recovery revenue from market remains anticipated weak corrections. end demand is in and and to and continue this timing due Despite headwinds, automotive XX%. these activity down than through Customers markets work remains Recovery uncertain. industrial market to for

ADAS qualifying technologies radar LiDAR wafer-level utilizing and and chip are for for and programs applications automotive technology. new We processors, flip

the ramp to for and as continues with with for automotive facility announced expansion Our production modules sensors progressing previously Portugal Infineon. well factory is power

material for flow part experienced year-on-year. end QX of business. growth X.XD substrate XX% constraints revenue on in availability, X% in to Revenue and The limited increased AI volume plan. for the We ran this which with flow market from sequentially line technologies some computing in the devices

approval for devices remains expect for versus will XXXX Demand XXXX. that quad still X.XD we AI and strong revenue

server weak traditional has and year-to-date of decline a business Our XX%. with networking been

we different and new for CPUs, observed the modest multiple retimers However, are early switches. QX signs supporting ramps of customers including data recovery in improvements in and areas with center, product noted

IoT from applications wearable by expected of consumer QX in the sequential increased in Business for few X quarters. market for the in device. next customers Volume decline. remain QX end time before to the driven XXXX. down is quarters the And sequentially XX% the tapering production expected after first throughout increased from is Revenue new high-volume strong is modestly that recovery traditional gradual consumer feedback ramp from

quarter. third manufacturing the [ multiple steep multiple continued on organization to geographically record SiP our setting During manage communications quarter, advanced ] diverse a focused executing programs, In Korea, the in for consumer priorities manufacturing footprint. revenue and our advanced across we the DRAMs

customer are the technologies with R&D progressed HPC for organic and interposer XXXX. team of for solutions, bringing We X.XD well also RDL up manufacturing qualification another and next-generation

in are expanding production European advanced started in the for In solutions Our technology wafer-level portfolio ramps the volume initial test flip fourth automotive new and quarter. Vietnam of chip our chain. QX with supply in anticipated we location support Portugal, processing,

funding our Additionally, for focused is and progress being multiple key by line signing for our for manufacturing priorities, evaluated organization MOU technology. is on TSMC an devices. by and panel technology the projects the preparing Arizona chips the packaging next-generation customers portfolio with R&D in the including Besides on factory U.S., advanced strategic

quarter the the to year. outlook we half the had second me assumptions by for of our fourth relating let Now turn growth in

markets. a stronger half seasonal a strong and coming new cycle second the within consumer the additional than capacity growth expected recoveries online midyear, industrial meaningful to and by a We ramp communication wearable automotive driven be X.XD gradual of program,

that phone communication at However, trends. has by guidance. fourth is the build than with and market, revenue the a primarily decline automotive plan more billion seasonal $X.XX driven This our historical decline within midpoint by from our dynamics a this specifically of end are cycle deviates of and we outlook. a communications prolonged expecting weaker-than-anticipated quarter weakness industrial in second With in backdrop, dampened half

footprint and growth communications consumer. manufacturing global supported by industrial strategic we technology long-term within decline and single digits dynamics our double offset For will and automotive short-term business, anticipate partnerships. and full will remain the year Despite leading our confident computing XXXX, we growth by Communications decline digits, in our portfolio, in prospects

more turn the will that, to to With financial information. provide Megan I now over detailed call

Megan Faust

good a advanced of outstanding Giel, of markets. Amkor increase SiP billion, delivered communications an revenue with revenue supporting and $X.XX end record Thank driven afternoon, a quarterly quarter everyone. and sequential consumer XX% third you, by

Third advanced constrained mix quarter XX.X%. was due gross and content, seasonal a than SiP. product in material $XXX concentrated million was by to higher margin was gross Gross profit driven margin

Operating $XXX million, the for EPS X%. expenses quarter XX% income quarter margin came for of over was increased in at operating expected Operating $X.XX. resulting as income $XXX million. income third in Net QX the was million, sequentially to $XXX in and

EBITDA was and Third quarter margin EBITDA was $XXX million, XX.X%.

of and quarter We We continue a billion. the ended with and total of billion $X.X to liquidity strong sheet. cash balance $X.X short-term maintain investments

of footprint Our Leveraging of ratio our in progress. are quarter end the pleased constructing our support the growth by $X.X is we facility. and in commenced our with geographic QX our and debt the stability as debt-to-EBITDA new Vietnam expanding future to invested total financial production strategically billion, is Xx. We

quarter premium decline fourth was first sequential plan anticipate is approximately outlook, the to in smartphone tier that our mainly an second representing due Regarding we projected surpassed $X.XX XX% more than a and less billion, half. half expectations of the revenue than build seasonal decline. The in

second half. of end full recovery has markets. year we dynamics our market half up is XXXX, various XX% uneven XXXX QX to semiconductor overall guide, been expected the across Still, As the for considering first be the the consider the over

smartphones. of second tier launch X.XD supporting underpinned half, our to high-volume softer is product, of by expectations, new than ramp the seasonal ramp consumer solid represents qualifying and and of scaling premium high it a this a multiple successful it original volume capacity the While wearable incremental a products

in We mainstream gross as it by our as continue expect QX margin burden factories margins impacted be well scale. as to flat starts build our associated Vietnam with underutilization QX. to Gross to new to be facility

of We million. expect QX $XXX operating expenses around

effective tax our XX% items. be to and rate tax full discrete year around expect We excluding

$X.XX. in Fourth million $XXX $X.XX be income net of is quarter between to expected resulting and EPS million, to $XX

pillars: at are of dedicated holding the million. the X/X our select expanding advancing U.S. chips our plans and such location, beginning manufacturing on a for technologies CapEx We relationships environment, SiP. is computing Vietnam funding as industry manufacturing geographic and in advanced by our and and expanding production our supporting executing year PCs. broad and to by is high-performance strengthening remainder our to leaders on growth strategic in And build AI with progressing focused Further focused X technology markets. CapEx supported this capacity remain portfolio expanding In forecast challenging footprint X.XD our facilities. we ARM-based for successfully our secular $XXX

that, up will open the you. Operator? your With questions. now call Thank for we

Operator

[Operator Instructions].

Steven with from Advisors. Fox Fox question first is Our

Unknown Analyst

the you of capacity if additions, level I this changed how sort next then different your whether think could any given the a in a talk about we slower we or part core follow-up. how about more markets progress first into if should had like demand next was bit plans little underutilization you've year? like charges some of from anything consider of the And I year into wondering

Giel Rutten

Hello, Steve, this Giel. is

a me with to most utilizing second of domain, ramp we're computing up in Let as X.XD expansion. in expansion mentioned the quarter our give color this year, that came capacity earlier, I in fully of the customers. on already expansion mean, main online capacity specifically further Megan were currently that bit investments and capacity the

We into including where capacity. and actually expect XXXX, that expand invest to plan forward, that further going utilized to be fully we

into wearable specifically to Also, we're and XXXX consumer in advanced running that of at capacity high we continue SiP, second where ramp domain a invested The utilization 'XX will was the capacity. the of device. currently that enable

capacity are I we investments most in the expansion, that prominent made think these Steve.

Unknown Analyst

then forward? That's going on charges underutilization helpful. the And

Giel Rutten

Philippines up at But this But Well, that underutilization our we slight Korea. the expect are underutilized, I and that in roughly earlier gradually the if utilization, XXXX were referred the and market of and that products, automotive in to where mean, to starts charges. some manufacturing And industrial refer mainstream were you Japan running lines the recover. don't our in will automotive industrial XX% during we we to our business. remarks take currently underutilization automotive that a in the if mostly factories these and overall, also factories slowly fill is these lines underutilized that of

Megan Faust

And Steve, this is Megan.

the add with online effect there Vietnam factory just that, dilution quarter, starting. coming that's to Just is some given this to

would that basis quarter, XX into QX, guide. so where That have COGS, moving full I will burden included our And of, quarter transitioning the around within around to that And points. then was in basis XXX was be probably a say, we'll points.

We expect a as we be at XXXX QX Vietnam, breakeven. taper scale in we that would such that will exiting XXXX, in more build off

Unknown Analyst

side? of which the Great. That's chain supply what you're like seeing there's that some on auto, company supply in what the can down on impacts there is depending going different what's seems on we the to Is the in disappointing chain. XX-day auto into and helpful. relative it my narrow saw from the follow-up, you way talk then any to, comments you maybe And led specifically on was

Giel Rutten

we of the in respect a With XXXX. quarter our better had into the to than auto EV recovery, customers, improvement, inventory than Getting feedback the weaker prolonged are we expected, modest also that but fourth foreseen specifically market, this also growth year. some stabilizing. with of part demand a but market We course The see they from improvement gradual a the this slightly main expected, believe a see slight in market. in is reasons longer growth further takes still end depletion also it's

Operator

Barger with KeyBanc is Capital question next from Steve Markets. Our

Steve Barger

October? smartphone next premium of you Or year? build would could us your XXXX any into what like you the on mobile the normally give visibility how's on early what uncertainty tier to can see the look progression at relative For end commentary plan,

Giel Rutten

our let saw few this we What with for a market mean I a seasonality first and that half bills in from visibility XXXX XXXX, respect second Steve, here. is currently half. give normal is comments the a of weaker more seasonality limited. with stronger me deviated to

fourth We for that in quarter, that slight XXXX. change changeover we expect also anticipated to recover our saw impacted a but

were difficult overall, year, stronger, out next can only driven information to I the there So a cycle -- up I let's phones, cycle and in functionality an expected what phones. in AI would there They launched that say. the currently, expected mean to say, premium but that's is in that's there's that to what repeat believe be that start we earlier, tier XXXX. by to happen trigger

Steve Barger

for hard phone built plan, you is revenue down And between range else commentary. factor end high swing the the point? is nail XQ primary that million low forecast? Or end at there that the appreciate the $XXX is and of something that build into guide, I the this the to

Giel Rutten

Yes.

versus think if seasonality. in the we and build the I take plan seasonality the this normal

effect. quarter. Specifically, we second slight had a is and additional a a weaker strong quarter fourth There

weakness next-generation in total in weakness the recover XX% mainly half in we XXXX. I explaining XX% due quarter, seasonality see to think the device quarter, of the in that that but the in additional we a models the fourth that of fourth changeover about is the to of quarter, fourth an that second expect is

Steve Barger

great. That's

only like be So is it expect to one communication sounds that can XQ? the down for you sequentially

Giel Rutten

correct. Yes,

a of correction we that's the -- the be computing Industrial The I for if on correction that's the ramp consumer, we small is color slight up down out expect when to up. take devices. seasonally. a a relatively think expect communication. bit to we fourth little [ And in slightly IoT on correction to stabilize wearable current continue main But ] quarter, more

Operator

Pang with is question Peter next Our from JPMorgan.

Unknown Analyst

be It to That sounds of tracking would how half next and kind would might the year, like think categorize about we sounds As then the like next business how could consumer, trends? versus the below communications your first ramping we you of so first continue be business of up. seasonal like it your going into you the into year? look half

Giel Rutten

Well, see half year, next analyze I cannot we the in in ecosystem. side, headwinds be the we some first But that in terms, general iOS next the believe year. in that half first communications quantitatively

On to due be in spring we really also gradually the launch the correction expect the to phone functionality tailwinds continue other upward AI hand, There the Android to if recover. materialize. and some may

end gradual is a some a we customers from potential balance is Industrial, Feedback the little bit minimum recovery and that acceleration. and overshooting to of Auto that's expect bit with maybe see but continued that of out value the they inventory still. speculation starting inventory, customers

growth Computing, we for applications, continued see on gradually and PCs, expect AI recovery Also, a data expect growth. And we X.XD more processors ARM-based centers. mature for then there. the generally continued we the share computing

of be foresee progressing mature a year. of computing, of build the a current the improvement consumer, more also And will devices consumers. we with start the So the strong it gradual

we all, looks first half So all in promising. believe that the

Unknown Analyst

it. the AI. then moving more Got And towards

So engagement AI close could other Can the you probably sometime with customer mean right? and about that diversification? I market just X next X to -- overall or rising, talk it think these accelerated some makes hyperscalers the rapidly about sense, your think we half of how in you years. be of

Giel Rutten

will we hyperscalers diversification, will mean, investments believe some is continue continued that's the to growth ups Yes, good XXXX. point. for and customers overall, downs. that second a we're and of market. But I that the in in grow although believe there that bit. quarter and fourth mean, we a ramp I technologies, uptick If a customer X.XD market there year. into and also next-generation We're customer the that and diversifies be qualifying growth, we currently next the from on onboarding strong technologies, RBL-based half up a strong standard going several also towards ramp take will another will

a in portfolio also to XXXX forward. going in will grow that So but we technology customer portfolio diversifying market believe our continue are our we

Operator

Ellis from Riley Securities. with next question B. is Our Craig

Craig Ellis

communications applications, be a iOS we have has pressure the bias I upward business that first traditional we further there question asked things just dynamics go given industrial margins Does the would downward seasonality that just half, going to Giel in compute auto Megan. are on think bit more in Megan, increase. into we and other Or the on first business how on like Peter aware if parts into And strength by gross half. server if to as the gross do of? start about put but in going should the little margin? the of and of continue ecosystem. we a wanted

Megan Faust

XXXX, expectations been impacted go-forward in we've a under pretty in to mean, I respect With XXXX. Yes. basically Craig. underutilization Thanks,

those that mentioned, markets the server consumer, those X related automotive in I'll the traditional will actually, to So and you margin expect should gradually which traditional XXXX, industrial, add bring to increase and the expansion markets. that, we

mentioned around running gross We business margin. in than Giel average also what compute continued specifically corporate in just X.XX. That growth our higher see is

that see tailwinds with as we well. So associated

Craig Ellis

guidance longer-term real X.XD looking had That's year had question Giel. programs. We we and helpful. XXXX, ARM-based more meaningful AI. maybe think And next about calendar But had numerous legs Not into has wearables program nice for then on a real then We it's a here, that 'XX. and we we Giel for PCs. as had

the XXXX, some help about expand to business and think are grow benefit what offer closed funnel same. you As types that you're the of of have starting things or to maybe the in see the would similar

Giel Rutten

business let's record also me communication the We XXXX. it a look a, be have, upside for communication, see devices a Well, that to volumes. believe in yes, fundamentally, let believe the with in still although year. Greg, And try the It's and we we in say, little bit there mean, off. of difficult a will there. U.S. timing an we don't change through that there. that let's believe up bit segments, is market may to color If what say, is, we SiP had position headwind give taking of come a in our health we be longer. will a drive It we temporary predict AI will edge but I cycle

that pipeline and the things industrial we in markets. have Other is automotive the in

electrical XXXX. have modules vehicles. You Infineon the a made is weakness There in come. announcement that expect to the for of course we EV -- we we to And with on in anticipate that accelerator that seen slight off. that's but Once takes market, off, in the specifically may power XXXX, take now certainly, market for an

be continues strong. Computing to

think position diversifying. there. good have a We're we I

profitability company's average As Megan that is said, see there we for I an above think business.

the gradual, a we got. Consumer, expect a moderation IoT that's market. of say, let's wearable So

recovery. will of that business hand, with the traditional other compensated be the consumer some On

you segments. on market say a different bit let's the overall, that gives color So

Craig Ellis

And That's I help we we through you very just the go What as XXXX. in ramp with year next Vietnam in think us Could sneak one helpful. if as milestones about more. could for further are make all the some how And to should up we progress Thanks would help, key year? Arizona then ramping signposts we at look should you team. look expect the for? next

Giel Rutten

respect That's a are the up this Yes. I the we're data that portfolio to is And in qualified. points product our NAND fourth flash the specifically we're portfolio few memories. mean year, lines second With qualified. SiP quarter memory, also there. Vietnam, there ramping ramping

a start So these facility we gradual in products. X ramp that for

we ramping on now, base. end to we and the capacity X.XD, We're that XXXX. expect qualified QX installed For additional of up our come stream

Operator

Our next question is UBS. from Randy Abrams with

Randy Abrams

to the first things. question, wanted I separate X ask

First the on that on the any question taking for How the project. you is burn the through AI And chain with Arizona, the you second GPUs additional test? test have expectations your new in system the for do the expansion. change if the or process Could on the relationship test some Arizona final that for the see to those then test And level just of to additional go you opportunity business. the do final to ramp additional in you're technologies up? you have SMC

Giel Rutten

Randy. Okay,

Let's Arizona U.S. and start with manufacturing.

First segment it in be by that these transition packaging for between specific offer and offers Compute of the supply our the the manufacturing all, versus the with qualification mutual technology a U.S. segment, that standardizing U.S. a MOU for Asia on the offering technologies. devices. but to will in for that happen customers will factories, advanced a we And and seamless dual joint intended It's Asia customers Peoria technologies Communications TSMC. seamless signed of also our chain

is will for captive of packaging specifically run our we remember in other install top Amkor customers. Peoria that have but factory on not technology. technology we And Now joint TSMC, will factory, advanced to TSMC that Amkor to for customers, factory Arizona our that

we for test Now supply of with AI and test that We that devices Test in respect business, ready the Taiwan. alternatives for a to chain. believe industry specifically for to is currently see looking derisk concentration high the

in but test. general, actively in of interested to definitely that and we're segment pursuing test invest also in specifically So

Randy Abrams

it a quick now you a I or potential then the track. CapEx in does more out? maybe on to And the like Okay. pursuit, for your the it's And Just is just still curious was in bit engagements. follow-up. question look how investment broadly, further close guess think I it commented

soon give capital if see If view packaging, development a you or converting of or on on could the you you advanced either handle absolute the see curious intensity basis larger 'XX dollars. more panel level? how to any a I'm And some into dies panel-level how projects

Giel Rutten

Okay.

test and cover to question. here, try predict answer can test, timing to is the then capital Randy. me on Let On the investment the additional Megan difficult question

all that are As the test. the shipped tested being being view the U.S. starting manufactured for assembled that point not U.S. a and ultimately world starting in around and the will wafers is point. in be That's

for mean, be I current diversifying the years, So But the I the the to find test think to next changes. over supply existing right chain, seen. when that's timing few IM

Megan Faust

to just capital color time. a on Randy, little give not we're And investments this while at 'XX guiding XXXX, for

started be do we plans. to should make that incremental mentioned, We have intend midyear. We X.XD, investments online in have coming to as

that You panel. program we invest in some several is volume have in line. opportunities that we we That for with development have continue to bring and in on those factory, specifically customers been had Portugal would large our a evaluating that, to time, to mentioned

expect So I teens the moving would into to we intensity capital XXXX. our low say would that remain in

Operator

with from Our next question Davidson. Diffely Tom is D.A.

Thomas Diffely

curious, do quarter or iOS was ramp I normal. of you think the sooner the before ramp a year, the drove what last phone

Giel Rutten

especially currently expected, second anticipated weaker had as Communications turned yes, you're this good segment that, especially the and the a year. be different turns out different. seeing this holds half as both than half That the the well in ecosystem. out ecosystem QX. is the throughout Well, Tom, normal And slightly the seasonality half for what expected, first mean second than to very iOS be The Android of I we a seasonality quarter second QX we to with and stronger

of holding not it's So X. the one for

speculate, Tom, but what as be, say, good let's only speculation can I is deviating my it seasonality. I a think anybody. will as both have,

we explanation for this. have a don't So distinct

Thomas Diffely

mentioned Maybe more also that? Okay. you a was little And substrate on during issue then the a color there quarter.

Giel Rutten

happened Well, seasonality issue. X I is underpinning our The that. in substrate in let's start market, mentioned XX% quarter. of is that about the One The what change things the in I communication QX is deviation. mentioned with

second anticipated is The where about of year device that the for to an the half there, device second XXXX. XX%, next-generation see see changeover half end dynamics second moderate confident changes that the models in a of And in that we from but customer the that one another. means are we impact good we generation we are back in

Thomas Diffely

you Okay. that And a facility to be with then when at up, function? maybe that over to a as Vietnam is Megan, going burden ramping ramp time? step follow-up, look the is slowly the going that, Or associated

Megan Faust

Tom. Yes,

So would that you basis be, moving that costs time. to but would guide QX XX for XXX points, in to but as impacted QX. that in that onboarding in points I was it margin included our about would COGS QX, in will about our to the say, compare basis step QX, gross up full That at

So during as start I dilution that expect to to off. factor we taper would scale, XXXX,

Operator

& from next Ross is Our with question Cole Needham Company.

wondering on X.XD capacity? in the can planned any I was color quantitative So incremental provide investment additional you if

Giel Rutten

I'll leave that Megan. to

Megan Faust

Hi, Yes. Ross.

So in to expand we're our XXXX. have we going that shared capacity

business the projected. quantify models of We have tried different given that to currently that are multitude not

it able as XXXX XXXX. be of You that in us quadruple consider our is capacity that sizable, The shared that expansion we to revenue. is we tripled XXXX had compares in And do our in me, to excuse but what XXXX. were to somewhere vicinity the can in XXXX allowing would it we capacity --

Thomas Diffely

I was to causing question, you see I an unrelated. Is relative expected mentioned -- remember, and And to which in going are August. normalize, that the bit slight happen timing the you this believe, initial your did of what a lower? it there? And your had quarter or in last it Great. had And of higher you shortage, thoughts up pick slightly follow-up I then as expectations was a in think HBM delay ramp. a

Giel Rutten

most -- We XXXX comments we indeed last Yes, bandwidth we impact our I on slight X.XD in reported memory a a constraints. with there. to of where few quarter. capacity any our ramp mean, flow expansion that impact see was, didn't high the respect full had of

were able to expansion. that So utilize we fully

specific say, are bit And that let's short business, -- part part and of some on supplies the, On also substrate that. third that's that business we big, memories a we but impact different transition bad high-bandwidth we to a saw the to ramp. of a, X where quarter. have in running the high also model, that's that not although the And had version, was And specifically our constraints X-ish. XE related some the memory were in there had of an in it in QX

Operator

with is from Stanley. next Our question Morgan Joe Moore

Joseph Moore

but they customers sheet pretty you automotive wonder sort mix mentioned are talk of have about, of stabilization your I you What's distribution as balance high a trends, if kind could And inventory in inventory and well. industrial. your and seeing there? visibility

what's into going your business just that visibility So forward?

Giel Rutten

what Well, our hear the visibility we customers, from quarter. Joe, is last

supplying they inventory. from quarter say, reporting as supply the may balanced the, let's the inventory trough you heard their companies think second going third have of were and more impact, called the chain in it I that semiconductor into automotive the quarter a major

than are that there's it's market out turns end but it on quarter. slower stretched the into Now expected. the is market the moderate still third demand in also There inventory automotive some impact correction,

stable trough So quarter believe more getting although, recovery. inventory market still we called extending year, that quarter, this it's it in they a is but into third the end second the

market we start specifically But part -- different will of XXXX EV early feedback. this to the hear You believe in pick up.

in So XXXX. for a overall, a it's point starting recovery good

Operator

for no I over to back Giel questions. further there like time, to the this would are call At closing turn any remarks.

Giel Rutten

an quarter of third delivered sequentially. Amkor revenue XX% you. of increase billion, reflecting Thank $X.XX

achieved flow ramped technology AI the SiP During devices. advanced quarter, volume full revenue record for and X.XD we supporting

decline revenue and of by technology billion, supported our driven dynamics, seasonal manufacturing dynamics leading Despite long-term end growth market. in than expect portfolio, we a confident prospects, quarter, $X.XX in fourth the global strategic by For short-term communications the footprint remain more partnerships. our these we

today. call the joining you Thank for

Operator

this Ladies and call. concludes gentlemen, today's conference

disconnect. You may now

Amkor Technology (AMKR) 28 Oct 242024 Q3 Earnings call transcript