Investing.com - MagnaChip (NYSE:MX) reported on Wednesday third quarter earnings that missed analysts' forecasts and revenue that fell short of expectations.
MagnaChip announced earnings per share of $0.02 on revenue of $71.2M. Analysts polled by Investing.com anticipated EPS of $0.10 on revenue of $106.73M.
MagnaChip shares are down 32% from the beginning of the year, still down 54.76% from its 52 week high of $22.28 set on December 31, 2021.
MagnaChip follows other major Information Technology sector earnings this month
MagnaChip's report follows an earnings beat by Apple on October 27, who reported EPS of $1.29 on revenue of $90.1B, compared to forecasts EPS of $1.26 on revenue of $88.76B.
Microsoft had beat expectations on October 25 with first quarter EPS of $2.35 on revenue of $50.1B, compared to forecast for EPS of $2.32 on revenue of $49.86B.
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