Benzinga | Feb 18, 2021 01:37PM EST

Magnachip Initiates Mass Production Of HFR OLED DDIC For 5G Smartphones

* Magnachip Semiconductor Corporation (NYSE: MX) initiated full-scale mass production of its first 120Hz High Frame Rate (HFR) OLED display driver IC (DDIC) for QHD flexible displays, followed by the positive release and initial production.

* Magnachip's fresh OLED DDIC product supports 120Hz HFR for QHD displays, meant for 5G smartphones.

* This OLED DDIC is also designed for 1440 x 3360 resolution screens and integrated into high-end global 5G smartphones.

* Magnachip intends to tap the premium 5G market with the HFR feature and utilize the 28nm process technology.

* The ongoing release of new 5G smartphones from the global smartphone manufacturers has been a huge boost to the industry, which had previously slowed down during the pandemic.

* Global 5G smartphone shipments reached 220 million units in 2020 and are estimated to grow five times to 1,150 million units by 2023, accounting for 80% of all smartphone shipments.

* "We will continuously build the foundation for the future design requirements and expand new opportunities for foldable and 5G smartphones," said Magnachip CEO YJ Kim.

* Price action: MX shares were up 0.1% at $20.16 on the last check Thursday.