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Another Consecutive Quarter of Growth for this Tech Stock

Stockhouse Editorial
2 Comments| February 11, 2022

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A provider of content creation, video delivery and display processing solutions is out with its financial results for the fourth quarter and fiscal year.

Pixelworks Inc. (NASDAQ: PXLW, Forum) reported Q4 2021 revenue at $16.6 million, compared to $15.2 million in Q3 2021 and $9.6 million in Q4 2020.

The company stated that sequential increase in fourth quarter revenue primarily reflected continued growth and record revenue in the mobile market. For the full year 2021, revenue was $55.1 million compared to full year revenue of $40.9 million in 2020. The year-over-year increase in revenue reflected strong growth in the mobile market, combined with a sustained recovery in the projector market. Gross profit margin in Q4 2021 was 53.5%, compared to 52.5% in the Q3 2021 and 45.5% in Q4 2020.

Pixelworks’ President and CEO Todd DeBonis said that 2021 was closed out with another consecutive quarter of sequential and year-over-year growth, highlighted by record revenue contribution from both our mobile hardware and software visual processing solutions.

“Consolidated revenue for the full year increased 35%, led by mobile business growing 3x year-over-year, coupled with a sustained recovery in the projector market. We also delivered solid gross margin for the year and achieved meaningful improvement in our bottom-line results.”

The company’s mobile revenue also increased sequentially for the sixth consecutive quarter, driven by record sales of both hardware and software-based visual processing solutions.

Of interest to mobile gamers, Pixelworks introduced latest X7 mobile visual processor, combining high frame rate and high resolution with ultra-low latency and low power consumption.

Pixelworks Shanghai was certified as an independent software vendor with MediaTek, bringing Pixelworks' advanced visual display processing to MediaTek's Dimensity 5G Open Resource Architecture.


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