Pixelworks Inc. (NASDAQ:PXLW) jumped 15.5% after announcing 50% sequential and YOY growth in revenue in Q2 2021. The growth is attributable to string projector business recovery and continued growth in mobile revenue.
Mobile revenue increased QOQ and YOY driven by enhanced adoption of software and hardware-based visual processing solutions in the increasing number of smartphone launches. ASUS unveiled Zenfone 8 flip and Zonefone 8 flagship phones that incorporate the company’s color calibration, HDR tone mapping, and DC Dimming tech. Project revenue was up 100% QoQ and 30% YoY, which reflects market recovery.
The company secured a co-development agreement of around $10.6 million with a Japanese OEM client to develop advanced SoC for an anticipated next-gen product family for the 3LCD Projector market. In addition, mobile industry expert Lei Shem was appointed into the SVP and General manager role to spearhead expansion and continued growth of the Mobile division in China. With these solid results, PXLW is worth watching in the coming months.
Market Reaction:
On Tuesday, PXLW stock leaped 15.41% at $3.52 with more than 2.26 million shares, compared to its average volume of 623K shares. The stock has moved within a range of $3.1500 – 3.7100 after opening the trade at $3.18.
