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Faraday Announces President Change and Income Falls 6.5%
By Vincent Wang
Published: Aug 07,2015
TAIPEI, Taiwan — Faraday Technology Co., a fabless ASIC and silicon IP provider on August 6 said net income last quarter dropped by 6.5 percent quarter-on-quarter and 13 percent year-on-year to NT$179 million, or NT$0.43 per share, as clients’ inventory adjustments dragged down its gross margin, which fell to 44.9 percent last quarter from 50.6 percent in the first quarter. And announcement of president change on late July.
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For this quarter, Faraday expects revenue to drop by 9 percent to 12 percent from last quarter’s NT$1.75 billion, due to weakening demand for its application-specific integrated circuit design solutions, according to a statement. Gross margin might improve to more than 50 percent this quarter due to product mix adjustments, according to the company.
Moreover, the company has held the meeting of Board of Directors on late of July and appointed Steve Wang to serve as President.
In the past, Steve Wang acted as Vice President of UMC’s IP and Design Support Division before the nomination; he has ever served as Chief Strategy Officer and Spokesperson of Faraday.
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