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United Microelectronics Corporation ("UMC" or "The Company"), a leading global semiconductor foundry, today announced its consolidated operating results for the second quarter of 2022. Second quarter consolidated revenue was NT$72.06 billion, increasing 13.6% QoQ from NT$63.42 billion in 1Q22. Compared to a year ago, 2Q22 revenue grew 41.5% YoY from NT$50.91 billion in 2Q21. Consolidated gross margin for 2Q22 reached 46.5%. Net income attributable to the shareholders of the parent was NT$21.33 billion, with earnings per ordinary share of NT$1.74.
Jason Wang, UMC co-president, said, "In the second quarter, we delivered results in line with guidance, thanks to continuous strong demand for UMC's differentiated processes across our end markets. Overall wafer shipments rose 4.3% from the previous quarter, while higher average selling price and a favorable foreign exchange rate lifted second-quarter gross margin to 46.5%. Revenue from our 22/28 nm portfolio increased 29% sequentially, driven by the additional capacity at Fab 12A P5 that came online during the second quarter. We are confident in the long-term growth prospects of our 22/28 nm business, which now represents 22% of UMC's overall wafer revenue, and has demonstrated solid traction for OLED display drivers, image processors, WiFi, and automotive applications. As structural trends drive semiconductor content increase in end devices from smartphones to automobiles, it is our conviction that 28 nm is a long-lasting node that will be important for many existing and emerging applications for years to come."
Co-president Wang said, "Going into the third quarter, we expect our business to remain firm. While cooling demand for smartphones, PCs, and consumer electronics may pose some short-term fluctuations, we are actively working with customers to adjust their product mix. Coming off a super cycle over the past two years, the semiconductor industry is now in a period of inventory correction. We believe UMC's comprehensive portfolio of differentiated, leading specialty technologies and strong partnerships with leading customers will help us navigate the cyclical macro environment."
Co-president Wang added, "Moving onto our progress in sustainability, we are pleased to become the first semiconductor foundry globally to have emissions reduction targets validated by the Science Based Targets initiative (SBTi), the leading body that independently assesses emissions targets of companies and ensure they align with the latest climate science. This reflects UMC's commitment to accountability and confirms our roadmap to achieve our net-zero pledge. According to our roadmap, we will systematically lower direct emissions from our operations, indirect emissions from our electricity usage, as well as emissions from our value chain in order to minimize the environmental footprint of our operations and products."
Second quarter operating revenues increased by 13.6% sequentially to NT$72.06 billion which was lifted to higher wafer shipments, increase in wafer pricing as well as favorable foreign exchange rate. Revenue contribution from 40 nm and below technologies represented 40% of wafer revenue. Gross profit grew 21.7% QoQ to NT$33.47 billion, or 46.5% of revenue. Operating expenses grew 3.0% to NT$6.71 billion. Net other operating income remained relatively flat at NT$1.40 billion. Net non-operating loss amounted to NT$2.59 billion primarily from non-cash based items recognized as marked-to-market assets. Net income attributable to shareholders of the parent amounted to NT$21.33 billion.
Earnings per ordinary share for the quarter was NT$1.74. Earnings per ADS was US$0.293. The basic weighted average number of outstanding shares in 2Q22 was 12,283,479,334, compared with 12,283,479,334 shares in 1Q22 and 12,206,292,756 shares in 2Q21. The diluted weighted average number of outstanding shares was 12,553,373,552 in 2Q22, compared with 12,534,728,721 shares in 1Q22 and 12,382,592,798 shares in 2Q21. The fully diluted shares counted on June 30, 2022 were approximately 12,553,374,000.
View at TechPowerUp Main Site | Source
Jason Wang, UMC co-president, said, "In the second quarter, we delivered results in line with guidance, thanks to continuous strong demand for UMC's differentiated processes across our end markets. Overall wafer shipments rose 4.3% from the previous quarter, while higher average selling price and a favorable foreign exchange rate lifted second-quarter gross margin to 46.5%. Revenue from our 22/28 nm portfolio increased 29% sequentially, driven by the additional capacity at Fab 12A P5 that came online during the second quarter. We are confident in the long-term growth prospects of our 22/28 nm business, which now represents 22% of UMC's overall wafer revenue, and has demonstrated solid traction for OLED display drivers, image processors, WiFi, and automotive applications. As structural trends drive semiconductor content increase in end devices from smartphones to automobiles, it is our conviction that 28 nm is a long-lasting node that will be important for many existing and emerging applications for years to come."
Co-president Wang said, "Going into the third quarter, we expect our business to remain firm. While cooling demand for smartphones, PCs, and consumer electronics may pose some short-term fluctuations, we are actively working with customers to adjust their product mix. Coming off a super cycle over the past two years, the semiconductor industry is now in a period of inventory correction. We believe UMC's comprehensive portfolio of differentiated, leading specialty technologies and strong partnerships with leading customers will help us navigate the cyclical macro environment."
Co-president Wang added, "Moving onto our progress in sustainability, we are pleased to become the first semiconductor foundry globally to have emissions reduction targets validated by the Science Based Targets initiative (SBTi), the leading body that independently assesses emissions targets of companies and ensure they align with the latest climate science. This reflects UMC's commitment to accountability and confirms our roadmap to achieve our net-zero pledge. According to our roadmap, we will systematically lower direct emissions from our operations, indirect emissions from our electricity usage, as well as emissions from our value chain in order to minimize the environmental footprint of our operations and products."
Second quarter operating revenues increased by 13.6% sequentially to NT$72.06 billion which was lifted to higher wafer shipments, increase in wafer pricing as well as favorable foreign exchange rate. Revenue contribution from 40 nm and below technologies represented 40% of wafer revenue. Gross profit grew 21.7% QoQ to NT$33.47 billion, or 46.5% of revenue. Operating expenses grew 3.0% to NT$6.71 billion. Net other operating income remained relatively flat at NT$1.40 billion. Net non-operating loss amounted to NT$2.59 billion primarily from non-cash based items recognized as marked-to-market assets. Net income attributable to shareholders of the parent amounted to NT$21.33 billion.
Earnings per ordinary share for the quarter was NT$1.74. Earnings per ADS was US$0.293. The basic weighted average number of outstanding shares in 2Q22 was 12,283,479,334, compared with 12,283,479,334 shares in 1Q22 and 12,206,292,756 shares in 2Q21. The diluted weighted average number of outstanding shares was 12,553,373,552 in 2Q22, compared with 12,534,728,721 shares in 1Q22 and 12,382,592,798 shares in 2Q21. The fully diluted shares counted on June 30, 2022 were approximately 12,553,374,000.
View at TechPowerUp Main Site | Source