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September 21, 2017

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MediaTek first-quarter results exceed expectations of markets

TAIPEI, Taiwan -- During an earnings conference MediaTek (MTK, 聯發科) yesterday reported the company's first quarter results, which exceeded the expectations of the markets.

In the first first quarter the famous semiconductor company reported a record high with consolidated revenues of NT$46.005 billion, and an after-tax net income of NT$10.139 billion on average profit margins of 48.3 percent, an improvement of 2.6 percent. Earnings per share performance over the period reached NT$6.82, beating the markets' expectations.

The company provided an upbeat forecast for the second quarter of this year, stating that the shipping volume of smart phone chips is anticipated to expand to the 80 to 90 million units range, improving the estimated 75 million to 85 million units shipped over the previous period, which in turn exceeded the 65 million projected previously. Second quarter revenue is expected to grow by 12 to 20 percent, and reach between NT$51.5 billion to NT$55.2 billion. According to the company, profit margins will fall around the 47.5 to 49.5 percent band as its eight-core chips begin to represent a higher proportion of overall shipping volume output.

Throughout the first quarter, shipments of smart phone and tablet computer chips represented the bulk of the company's revenues at 55 to 60 percent of overall sales, while feature handsets have dwindled to represent 5 to 10 percent of sales. Sales of modules catering to digital household products ad wireless or telecommunication devices contributed 25 to 30 percent and 5 to 10 percent of sales respectively.

MediaTek President Hsieh Ching-jiang (謝清江) stated during the meeting that continued strong growth momentum in smart phone sales throughout developing markets, including China, India, Africa, Southeast Asia, and Latin America, means the company is set to begin shipping a variety of multi-chipped systems-on-chip (SoC) solutions in the second quarter. This will improve coverage at all device price points that are compatible with three to five radio-based air interface standards.

The company stated that its single-chipped SoC for the long term evolution (LTE) standard named MT6595 will enter the mass production phase in the third quarter, with a 64-bit quad-core variant scheduled to enter the mass production phase in the fourth quarter. Shipment of LTE chips is expected to reach 15 million as forecasted previously.

However, MediaTek shares fell by 2.38 percent or NT$11.5 yesterday after modest gains early in the session to close at NT$472.

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