Amkor Technology, Inc. (NASDAQ:AMKR) Q3 2023 Earnings Call Transcript October 30, 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
Tom Diffely - D.A. Davidson
Randy Abrams - UBS
Steve Barger - KeyBank Capital Markets
Operator
Good day, ladies and gentlemen, and welcome to the Amkor Technology Third Quarter 2023 Earnings Conference Call. My name is Diego and I will be your conference facilitator today. At this time all participants are in a listen-only mode. After the speakers' remarks, we will conduct the question-and-answer session. 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 third 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-GAP 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'll turn the call over to Giel.
Giel Rutten
Thank you, Jennifer. Good afternoon, everyone, and thank you for joining the call today. Amkor delivered solid results in the third quarter with both revenue and profitability at the high end of guidance. Revenue of $1.82 billion was up 25% sequentially, driven by the growth in advanced packaging, supporting the launch of premium tier smartphones. Year-to-date, revenue of $4.8 billion was down 8% versus prior year, reflecting strong outperformance compared to an estimated semiconductor industry decline of over 15% in that same period.
Although we observe improvements in certain areas like smartphones and PCs, overall macroeconomic conditions continue to dampen end market demand and inventory levels remain elevated in some markets. Looking forward, we remain confident that the secular growth drivers for the industry remain in place and that Amkor is well positioned to outperform the industry with our strategic focus on advanced packaging and our broad geographic footprint.