Amkor Technology, Inc. (NASDAQ:AMKR) Q3 2024 Earnings Conference Call October 28, 2024 5:00 PM ET

Company Participants

Jennifer Jue - Vice President, Investor Relations
Giel Rutten - President and Chief Executive Officer
Megan Faust - Executive Vice President and Chief Financial Officer

Conference Call Participants

Steven Fox - Fox Advisors
Steve Barger - KeyBanc Capital Markets
Peter Peng - JPMorgan
Craig Ellis - B. Riley Securities
Randy Abrams - UBS
Thomas Diffely - D.A. Davidson
Ross Cole - Needham & Company
Joseph Moore - Morgan Stanley

Operator

Good day, ladies and gentlemen, and welcome to the Amkor Technology Third Quarter 2024 Earnings Conference Call. My name is Paul 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 a 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 2024 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'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 third quarter performance in line with expectations with revenue of $1.86 billion and EPS of $0.49. Total revenue increased 27% sequentially, mainly driven by demand for advanced SiP technology.

In the quarter, we successfully ramped high volume production for devices supporting the launch of new premium tier smartphones, a new consumer wearable program, and several products for AI-enabled ARM-based PCs. In support of the continued demand increase for the high-performance computing market, especially for AI processors, we ramped volume by utilizing our incremental 2.5D capacity.