Amkor Technology, Inc. (NASDAQ:AMKR) Q1 2023 Earnings Conference Call May 2, 2023 5:00 PM ET

Company Participants

Jennifer Jue - Head of Investor Relations

Giel Rutten - Chief Executive Officer

Megan Faust - Chief Financial Officer

Conference Call Participants

Randy Abrams - Credit Suisse

Tom Diffely - D.A. Davidson

Operator

Good day ladies and gentlemen and welcome to the Amkor Technology First Quarter 2023 Earnings Conference Call. My name is Diego and I will be your conference facilitator today. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the call over to Jennifer Jue, Head of Investor Relations, Ms. Jue, please go ahead.

Jennifer Jue

Thank you, operator. Good afternoon, everyone and thank you for joining us for Amkor's first quarter 2023 earnings conference call. Joining me today are Giel Rutten, our Chief Executive Officer and Megan Faust, our Chief Financial Officer. Our earnings press release was filed with the SEC this afternoon and is available on the Investor Relations page of our website along with the presentation slides that accompany today's call.

During this presentation, we will use non-GAAP financial measures and you can find the reconciliation to the US GAAP equivalent on our website. We will make forward-looking statements about our expectations for Amkor's future performance based on the environment as we currently see it. Of course, actual results could differ. Please refer to our press release and SEC filings for information on risk factors, uncertainties and exceptions that could cause actual results to differ materially from these expectations. Please note that the financial results discussed today are preliminary and final data will be included in our Form 10-Q.

And now, I would like to turn the call over to Giel.

Giel Rutten

Thank you, Jennifer. Good afternoon, everyone and thank you for joining the call today. Amkor delivered first quarter revenue of $1.47 billion and EPS of $0.18, both above the midpoint of our guidance. These results demonstrate Amkor's strength in navigating through this industry cycle. Our automotive and industrial end-market posted another quarterly revenue records, driven by resilient demand and building on Amkor's leadership position in this market.

Our strong footprint in premium tier smartphones also generated positive results, with low-single digit year-on-year growth in our communication business. Challenging macroeconomic conditions and weakening demand in consumer and computing contributed to a total year-on-year revenue decline of 8% for the first quarter. The semiconductor industry is facing near-term headwinds, mainly caused by high inventory and weak end-market demand. Most recent market forecast projecting a further decline for this year.