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PR Newswire

MediaTek Advances its 5G Platform with New T750 5G Chipset for Fixed Wireless Access Routers and Mobile Hotspot CPE Devices

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Highly integrated, low-power T750 5G chipset delivers 5G broadband experience for 5G NR sub-6GHz frequencies

HSINCHU, Taiwan, Sept. 3, 2020 — MediaTek today announced its T750 5G chipset to power next generation 5G CPE wireless products, like fixed wireless access routers (FWA) and mobile hotspots, to bring fast 5G connectivity into homes, businesses and anyone on the go.

The highly integrated, 7nm compact chip design comes with an integrated 5G radio and quad-core Arm CPU. It’s full-featured with all the essential functions and peripherals for device makers to build high performance consumer premise equipment products in the smallest form factors possible. The T750 is sampling now with potential customers.

"Pervasive high-speed broadband connectivity is becoming more important with the increase in connected devices and the surge of people working from home, taking online classes and using services like tele-health and video calling," said JC Hsu, Corporate Vice President and General Manager of MediaTek’s wireless communications business unit. "We are extending our 5G leadership beyond the smartphone segment with the T750 chipset, opening up new markets for broadband operators and device makers, and helping consumers – no matter where they live – to experience all the advantages of 5G connectivity."

5G routers with support for sub-6GHz frequencies bring a more affordable broadband alternative to areas with limited DSL, cable or fiber services. Having access to super-fast connectivity will also be a game-changer for suburban, rural and less developed areas that struggle with access to current wireless services and signals.

Analyst firm IDC expects the global 5G and LTE router and gateway market to grow from approximately $979 million in 2019 to just under $3 billion in 2024. Counterpoint Research also projects 5G fixed wireless access growing from 10.3M subscribers in 2020 to over 450M subscribers by 2030.  

The MediaTek T750 chipset supports 5G sub-6GHz frequencies and two component carrier aggregation (2CC CA) for extended coverage, making it ideal for indoor and outdoor fixed wireless access products, like home routers, as well as mobile hotspots. In addition, the T750 design, which includes a 5G NR FR1 modem, quad-core Arm Cortex-A55 processors and the required peripherals all on a single chip, offers performance and time-to-market advantages that speed up ODM/OEM development times.

"Operators can take advantage of 5G capabilities, high bandwidth and low latency to offer 5G FWA services supporting fiber-like experience for consumers and businesses. As adoption of live video streaming and latency intensive applications such as gaming, AR/VR based online applications is increasing, 5G FWA services are expected gain momentum," said Khin Sandi Lynn, industry analyst from ABI Research. "MediaTek’s 5G chipsets for FWA routers will certainly fulfill the market demand as well as accelerate the competition in the FWA CPE ecosystem. In addition, the support of sub-6GHz band is a perfect solution for many of the operators planning to achieve wide service coverage in a short time frame."

For consumers, the T750 offers a compact 5G device that they can self-install and avoid the hassles of lengthy installation times for fixed line broadband. For operators, the T750 will provide 5G speeds right out the box to rival fixed line services without incurring costs for laying down cables or fiber. The T750 chipset comes pre-integrated with software drivers for MediaTek’s connectivity solutions such as our 4×4 and 2×2 + 2×2 dual-band Wi-Fi 6 chipsets for distributing fast 5G internet to consumers’ favorite client devices.

Additional T750 features include:

  • Support for standalone and non-standalone (SA/NSA) sub-6GHz 5G networks
  • Two component 5G FR1 carrier aggregation in both FDD and TDD modes
  • Support for up to 5CC LTE carrier aggregation
  • Embedded GPU and display driver to support a HD display up to 720p
  • Four PCIe interfaces for external Wi-Fi and Bluetooth
  • Two 2.5Gbps SGMII interfaces to allow for a variety of LAN configurations
  • PCM interface for external land-line phones

The T750 joins the MediaTek family of 5G chips powering smartphones, smart homes and PCs. It leverages MediaTek’s existing integrated circuits and intellectual property to help OEMs accelerate time to market. MediaTek recently introduced its T700 5G data card connectivity solution for PCs and other embedded applications. MediaTek boasts a full tier of 5G Dimensity chips for smartphones. The Dimensity series are powerful and power-efficient chipsets offering unrivaled connectivity, multimedia, AI and imaging innovations for premium and mid-tier smartphones. MediaTek is also the number one Wi-Fi supplier across broadband, retail routers, consumer electronics devices and gaming, and its Wi-Fi 6 chipsets are powering the latest networking equipment for faster computing experiences.

For more information about MediaTek’s 5G portfolio, please visit: https://i.mediatek.com/mediatek-5g.

###                    

About MediaTek Inc.

MediaTek Incorporated (TWSE: 2454) is a global fabless semiconductor company that enables 1.5 billion connected devices a year. We are a market leader in developing innovative systems-on-chip (SoC) for mobile device, home entertainment, connectivity and IoT products. Our dedication to innovation has positioned us as a driving market force in several key technology areas, including highly power-efficient mobile technologies, automotive solutions and a broad range of advanced multimedia products such as smartphones, tablets, digital televisions, 5G, Voice Assistant Devices (VAD) and wearables. MediaTek empowers and inspires people to expand their horizons and achieve their goals through smart technology, more easily and efficiently than ever before. We work with the brands you love to make great technology accessible to everyone, and it drives everything we do. Visit www.mediatek.com for more information.

MediaTek Press Office:

PR@mediatek.com
Kevin Keating, MediaTek
+1- 206-321-7295
10188 Telesis Ct #500, San Diego, CA 92121, USA

 

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PR Newswire

WeTrade Group Announces Stock Split

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BEIJING, Aug. 31, 2020 — WeTrade Group Inc. (US: WETG), a SaaS company providing technical services and solutions to membership-based social e-commerce, announced its first stock split on August 28th. The company’s three-for-one stock split will officially take place on August 31st.

For companies, it’s important to note that a stock split will not make any changes for strategies or organizational structures. But it will make the company’s stock more attractive and also make its shares more accessible to a broader base of investors. As a result, new investments will be helpful for the stock price raising and bring business confidence for its shareholders.

After the splitting, the number of WeTrade Group shareholders will increase by 3 times. Lowering the company’s share price can put WeTrade stock within the reach of smaller, individual investors, which will attract more attention from the market and generate more industry-investor ownership. In the same time, stock splits are generally seen as a positive by the market.

WeTrade Group was officially listed on the NASDAQ OTC Market on July 23, 2020, under the ticker symbol "WETG". The stock soared from $2.9 a share to a peak of $20.19 a share, demonstrating the market expectation and WeTrade’s technology-based business model.

In recently years, micro-business in China has boomed from 30 million in 2018 to 50 million in 2019, and it is expected to attain to 100 million in 2020. With the development of this potential market, WeTrade Group provides technical services and solutions as a listed SaaS business to support micro-business online stores and social e-commerce platforms. The company developed a social e-commerce revenue management system in 2019. The main functions of the system are user marketing relationship implementation, CPS commission profit management, multi-channel app data statistics, etc. Moreover, WeTrade fully takes advantages of its social e-commerce and micro-business technology to explore supply chain directing purchase and community dispersion, dedicating to establish a more suitable service system for Chinese market.

In the future, with the rapid development of WeTrade business and the application of SaaS in global market, WeTrade Group will become a new leader in the SaaS revolutionized field.

About WeTrade Group Inc.

WeTrade Group Inc. provides technical services and solutions based on membership-based social e-commerce. Through big-data, social recommendation relationships, multi-channel App data statistics, etc., the Company developed a social e-commerce revenue management system, The main functions of the system are user marketing relationship implementation, CPS commission profit management, multi-channel app data statistics, etc. the system has been applied in the retail, tourism, hospitality and beauty industries, focusing on 100 million micro-business users in China. WeTrade conducts its business operations in mainland China and trial-operations in Hong Kong SAR, and Singapore etc.

For more information and product demos:

http://www.wetradegroup.net

Media Contact:
+86-186-1124-1126
lori@yueshang.co

IR Contact:
ir@wetradegroup.net

PR Newswire

EQT Infrastructure to acquire leading global data center provider EdgeConneX

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– EQT Infrastructure has agreed to acquire EdgeConneX, a leading global data center provider serving the fast growing Hyperscale and Edge ecosystems

– EdgeConneX has a global footprint, operating and developing over 40 facilities in 33 markets across North America, Europe and South America

– EQT Infrastructure is committed to actively support EdgeConneX’s accelerated growth via new market entries and material expansions of existing locations

– EQT is acquiring EdgeConneX from an investor group led by Providence Equity Partners

STOCKHOLM, Aug. 19, 2020 — EQT Infrastructure today announced that the EQT Infrastructure IV fund ("EQT Infrastructure") has agreed to acquire EdgeConneX, Inc. ("EdgeConneX" or the "Company") from an investor group led by Providence Equity Partners ("Providence").

EdgeConneX builds and operates data centers for cloud, content, network and other service providers requiring both larger purpose-built facilities as well as edge facilities located closer to consumer and enterprise users to support latency-sensitive applications cost effectively. The Company’s broad footprint and relentless customer-focused business strategy have proven ideally suited to support these sophisticated customers’ strategic data center demands, from the Hyperscale to the Edge. As customers rapidly expand their critical infrastructure around the globe, they look to EdgeConneX as a trusted partner to enable their growth needs in an environmentally friendly manner.

EQT Infrastructure will support the continued development of EdgeConneX and actively assist the Company in its pursuit of new opportunities to grow in existing and new markets globally. EdgeConneX is uniquely positioned to benefit from the secular tailwinds driving increased data center usage. As the need for data grows ever larger, not only because of cloud and content but also driven by new innovations such as Artificial Intelligence, 5G Networks, Autonomous Vehicles, Virtual Reality, Cloud Gaming and the Internet-of-Things, there will continue to be substantial opportunities for EdgeConneX to continue to develop critical infrastructure to support its customers’ needs.

Jan Vesely, Partner at EQT Partners, said, "EQT has followed EdgeConneX’s journey from its early years to its growth into a top data center industry player. We are deeply impressed by EdgeConneX’s management team and the success they have had in creating a key contributor to the global cloud infrastructure. This partnership represents an exciting opportunity for EQT in a sector and geographies where we have significant experience. EQT looks forward to working with the team in continuing to grow the business and identify new expansion opportunities."

Randy Brouckman, CEO of EdgeConneX, said, "EQT brings significant financial resources and digital infrastructure industry experience which EdgeConneX will use to accelerate growth and invest in new data centers around the world. I look forward to continuing to lead EdgeConneX and we are very pleased to have EQT as our new owner and partner in this exciting growth phase. On behalf of EdgeConneX, I thank our outstanding customers and partners, dedicated employees and long-term shareholders that gave us the latitude to succeed and create lasting value."

Chris Ragona, Managing Director at Providence, said, "We have enjoyed working with Randy and team over the past five years and are pleased to have helped the company grow significantly, especially overseas. We fully expect EdgeConneX will continue its momentum and success as the company enters this next chapter. On behalf of our entire investor group, we wish them well."

The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2020. With this transaction, EQT Infrastructure IV is expected to be 80-85% invested.

Evercore acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal counsel to EdgeConneX. Goldman Sachs acted as financial advisor and Kirkland & Ellis LLP acted as lead legal counsel to EQT Infrastructure.

About EQT

EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, Twitter, YouTube and Instagram

US press contact: daniel.yunger@kekstcnc.com, +1 917 574 8582

EQT press office: press@eqtpartners.com, +46 8 506 55 334

About EdgeConneX

EdgeConneX provides a full range of data center solutions worldwide, from Hyperlocal to Hyperscale, from purpose-built to build-to-order, working closely with our customers to offer choice in location, scale, and type of facility. Delivering flexibility, connectivity, proximity, and value, EdgeConneX is a global leader in anytime, anywhere, any scale data center services for a diverse portfolio of industries including Content, Cloud, Networks, Gaming, Automotive, SaaS, IoT, HPC, Security, and more.

More info: www.edgeconnex.comPress contact: jsa_edgeconnex@jsa.net, +1-866-695-3629 ext 13

About Providence Equity Partners

Providence is a premier global asset management firm with over $49 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London.

More info: www.provequity.com

Press contact: Andrew Cole and Hayley Cook, Sard Verbinnen & Co, prov-svc@sardverb.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-infrastructure-to-acquire-leading-global-data-center-provider-edgeconnex,c3176029

The following files are available for download:

https://mb.cision.com/Main/87/3176029/1294284.pdf

Press Release – EQT Infrastructure to acquire EdgeConneX

 

PR Newswire

MediaTek Conduct World’s First Public Test of 5G Satellite IoT Data Connection with Inmarsat

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MediaTek’s satellite-enabled Narrowband (NB)-IoT standard chipset tested with base station at Fucino Space Center in Italy using Inmarsat’s ‘Alphasat’ Geostationary Orbit (GEO) satellite

FUCINO SPACE CENTER, Italy, Aug. 19, 2020 — MediaTek is pushing the boundaries of advanced IoT 5G satellite communications with a successful field trial that transfers data through Inmarsat’s Alphasat L-band satellite, in Geostationary Orbit (GEO) 35,000 kilometers above the equator.

The results of MediaTek and Inmarsat’s IoT field test will be contributed to the 3rd Generation Partnership Project (3GPP)’s Rel-17 standardization work on Non-Terrestrial Network (NTN), which is part of its overarching initiative to establish 5G standards toward new use cases and services.

The new 5G satellite NB-IoT technology established a bi-directional link from MediaTek’s satellite-enabled standard NB-IoT device to a commercial GEO satellite, breaking new ground for a truly global IoT coverage. The successful test builds the foundation for hybrid satellite and cellular networks to enable new ubiquitous 5G IoT services at a global scale.

"MediaTek’s collaboration with Inmarsat will accelerate industry efforts to converge cellular and satellite networks in the 5G era. MediaTek is a leading connectivity provider and contributor to 3GPP standards, and our ongoing work with Inmarsat GEO satellites will help drive 5G innovation across verticals like IoT," said Dr. Ho-Chi Hwang, MediaTek General Manager of Communication System Design.

MediaTek is the world’s 4th largest fabless semiconductor company and Inmarsat is the world leader in global, mobile satellite communications. The two companies ran the test with a base station located at the Fucino Space Center in Italy and developed by Taiwan’s Institute for Information Industry (III). The test device, built with MediaTek’s satellite-enabled NB-IoT chipset, was located in Northern Italy. The prototype system successfully established a communication channel and data transfer with the GEO satellite ‘Alphasat’.

The successful test could provide proof as to the feasibility of new global standards and open market potential of using a single device for connecting both satellite and cellular networks.

"Testing MediaTek’s standard NB-IoT chip over Inmarsat’s established GEO satellite network has proven technology from mobile networks works effectively over GEO satellites with little modification and will provide a very cost effective path to ubiquitous and hybrid global IoT coverage," said Jonathan Beavon, Senior Director, Inmarsat Product Group.

Related Links :

http://www.mediatek.com

PR Newswire

MediaTek Introduces Newest 5G SoC, Dimensity 800U for Ultra Connectivity and Advanced 5G Dual SIM Technology

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New chipset enhances 5G smartphone experiences through advanced connectivity features and multi-core high performance technologies

HSINCHU, Taiwan, Aug. 18, 2020 — MediaTek today announced its newest 5G SoC, the Dimensity 800U, as the latest addition in MediaTek’s Dimensity series family.  The 7nm Dimensity 800U chipset is designed for multi-core high performance and leading 5G+5G Dual Sim Dual Standby (DSDS) technology. With Dimensity 800U MediaTek continues to accelerate the rollout of 5G technology and deliver premium experiences on mid-tier 5G smartphones.

MediaTek Dimensity 800U 5G chipset
MediaTek Dimensity 800U 5G chipset

"MediaTek has always focused on enhancing the user experience with our leading semiconductor technology, whether consumers are streaming, gaming or taking photos," said Dr. Yenchi Lee, Deputy General Manager of MediaTek’s Wireless Communications Business Unit. "MediaTek’s Dimensity 800U brings cutting-edge, next-gen technology to the Dimensity SoC series, bringing MediaTek’s advanced 5G, imaging and multimedia technologies to high-performance 5G smartphones that deliver incredible 5G experiences."

The integrated 5G modem in MediaTek’s Dimensity 800U not only supports sub-6Ghz SA and NSA networks, but also supports cutting-edge technologies such as 5G+5G dual SIM dual standby (DSDS), dual Voice over New Radio (VoNR), and 5G two carrier aggregation (2CC 5G-CA), bringing users faster and more stable 5G connections. With MediaTek 5G UltraSave technology, the  modem’s operating mode is managed based on network environment and data transmission quality, extending the battery life of mobile devices.

Built on the 7nm process, the Dimensity 800U delivers high performance while also minimizing power consumption. The SoC has an octa-core CPU with a dual cluster consisting of two Arm Cortex-A76 processors with a clock speed of 2.4GHz and six Arm Cortex-A55 processors with a clock speed of 2.0GHZ, offering incredible performance. Dimensity 800U integrates an Arm Mali-G57 GPU, an independent AI processing unit (APU) and LPDDR4x RAM.

MediaTek Dimensity 800U Infographic
MediaTek Dimensity 800U Infographic

MediaTek’s Dimensity 800U offers smartphones advanced technology to deliver incredible 5G experiences:

  • Support for 120Hz FHD+ displays with high refresh rates for faster and smoother gaming and media streaming.
  • Support for the HDR10+ standard for enhanced visual quality, plus the integrated MediaTek MiraVision PQ engine with HDR optimization for various types of videos.
  • Support for flexible camera placement with up to 64MP cameras and quad camera capabilities.
  • Integrated APU and ISP to provide a series of AI camera-enhancing functions.
  • Support for voice on wakeup (VoW) and dual-mic noise reduction technology, lowering the standby power consumption of a voice assistant, and enabling it to hear clear sound regardless of external noise interruptions.

MediaTek’s Dimensity 800U will help drive mass market 5G smartphones and give users extraordinary 5G experiences. To learn more, please visit the MediaTek 5G page.

Related Links :

http://www.mediatek.com

PR Newswire

MediaTek and Intel Advance Partnership to Bring 5G to Next Generation of PCs

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MediaTek T700 modem successfully performs 5G standalone calls

HSINCHU, Taiwan, Aug. 6, 2020 — MediaTek today announced advances in its collaboration with Intel to bring 5G experiences to next-generation PCs with the successful development and certification of its 5G modem data card.

MediaTek President Joe Chen with the reference design for MediaTek's T700 5G data card solution for PCs.
MediaTek President Joe Chen with the reference design for MediaTek’s T700 5G data card solution for PCs.

MediaTek’s T700 5G modem, which will be used to bring 5G connectivity to Intel-powered PCs, completed 5G standalone (SA) calls in real world test scenarios. Additionally, Intel has progressed on system integration, validation and developing platform optimizations for a superior user experience and is readying co-engineering support for its OEM partners. MediaTek and Intel are both committed to delivering a superior user experience.

"Our partnership with Intel is a natural extension of our growing 5G mobile business, and is an incredible market opportunity for MediaTek to move into the PC market," said MediaTek President Joe Chen. "With Intel’s deep expertise in the PC space and our groundbreaking 5G modem technology, we will redefine the laptop experience and bring consumers the best 5G experiences."

"A successful partnership is measured by execution, and we’re excited to see the rapid progress we are making with MediaTek on our 5G modem solution with customer sampling starting later this quarter. Building on our 4G/LTE leadership in PCs, 5G is poised to further transform the way we connect, compute and communicate.  Intel is committed to enhancing those capabilities on the world’s best PCs," said Chris Walker, Intel corporate vice president and general manager of Mobile Client Platforms.

The MediaTek T700 modem supports non-standalone and standalone Sub-6 5G network architectures to deliver consistently faster speeds and more reliable connectivity. Whether consumers are at home or on the go, they can browse, stream and game at ultra-fast 5G speeds. MediaTek’s modem is also highly power efficient to extend the battery life of laptops so consumers can go longer in between charges. MediaTek is rolling out its advanced 5G technology across the PC, mobile, home, auto and IoT segments to make super-fast connectivity accessible to everyone.

The first laptops enabled by the MediaTek and Intel 5G modem solution are expected in early 2021.

To learn more about MediaTek’s 5G technology, please visit: https://i.mediatek.com/mediatek-5g.

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http://www.mediatek.com

PR Newswire

/C O R R E C T I O N — Infineon/

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In the news release, "Accurate, anonymous, contactless: Infineon’s radar-based entrance counter solution for public buildings, retail stores, restaurants or corporate spaces", issued on July 28, 2020 by Infineon over PR Newswire, we are advised by the company that the dimension of the discrete rada board mentioned in the first paragraph should be 20mm x 15 mm instead of 250mm x 150 mm, corrected release follows:

Accurate, anonymous, contactless: Infineon’s radar-based entrance counter solution for public buildings, retail stores, restaurants or corporate spaces

MUNICH, July 31, 2020 — Governmental regulations all over the world created an urgent need for solutions to secure social distancing in public buildings in order to support slowing down the spread of Covid-19. Within three months, Infineon Technologies AG (FSE: IFX / OTCQX: IFNNY) developed a solution that counts people while entering and leaving buildings or rooms and ensures social distancing at the same time. The Smart entrance counter solution is a miniaturized, discrete radar board (20 mm x 15 mm) that accurately and anonymously counts people with one single 60 GHz radar sensor and integrated software. A traffic light system informs about if an entry is allowed or not.

The smart entrance counter solution is a miniaturized, discrete radar board (20 mm x 15 mm) that accurately and anonymously counts people with one single 60 GHz radar sensor and integrated software.
The smart entrance counter solution is a miniaturized, discrete radar board (20 mm x 15 mm) that accurately and anonymously counts people with one single 60 GHz radar sensor and integrated software.

 

"We aimed at quickly creating an effective solution that allows everyone of us to securely move within public spaces, in offices, airports or restaurants according to the regulations of the so-called new normal," says Andreas Urschitz, Division President Power & Sensor Systems Infineon Technologies. "Our Smart entrance counter solution is a closed system. On the one hand, it prevents overcrowding, on the other hand, it enables businesses to keep their operations running. And most importantly, due to the use of radar technology, personal data are 100 percent protected. The system counts a person, but does not know who it is."

The expected volume for this kind of solution amounts to 90 million units globally. Infineon’s Smart entrance counter solution with XENSIV™ 60 GHz radar sensor works contactlessly and can easily be installed on the side or ceiling of an entrance or exit. It can be implemented in all kinds of building types, such as public buildings, retail and grocery stores, restaurants, schools or corporate spaces, e.g. canteens, offices, and the like. Furthermore, Infineon is already working on the next generation that will include further features.

Availability
The Smart entrance counter solution (KIT BGT60TR13C EMBEDD) with integrated software is available now for evaluation. The second generation will be available in September 2020. For more information: www.infineon.com/smart-entrance

Photo – https://photos.prnasia.com/prnh/20200728/2869180-1?lang=0
Logo – https://photos.prnasia.com/prnh/20200707/2850283-1LOGO?lang=0

PR Newswire

GigaMedia Announces Second-Quarter 2020 Financial Results

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TAIPEI, July 31, 2020 — GigaMedia Limited (NASDAQ: GIGM) today announced its second-quarter 2020 unaudited financial results.

Comments from Management

In the second quarter of 2020, GigaMedia reported revenues of $1.83 million, with a gross profit $0.98 million, an operating loss of $0.55 million and the net loss of $0.42 million. Total revenues increased by 13.8% if compared to the previous quarter.

"In spite of the ongoing disruption of the pandemic to our operations, we have achieved clear improvements," said GigaMedia CEO James Huang. "We have reshaped our cost structure and remodeled our marketing strategies, thereby approximately halved the operating loss if comparing to the same quarter last year."

"And we are also enhancing the playability and stickiness of FunTown M, our in-house developed mobile platform of casual games," continued GigaMedia CEO James Huang, "which will be the most crucial piece to fall in place for our turning profitable beyond just break-even."

Second Quarter Overview

  • Operating revenues increased by approximately 13.8% quarter-on-quarter, to $1.83 million from $1.60 million in last quarter, and 4.3% year-over-year from $1.75 million the same period last year. The increase was mainly attributable to our efforts in revitalizing Tales Runner, a 14-year-old licensed game we operate in Hong Kong.
  • Gross profit increased slightly by 5.5% to $0.98 million from $0.93 million in last quarter, and increased by 27.2% compared to $0.77 million in the same period last year.
  • The net asset value was $4.96 per share.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on browser/mobile games and casual games.

Unaudited consolidated results of GigaMedia are summarized in the table below.

For the Second Quarter

GIGAMEDIA 2Q20 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

(unaudited, all figures in US$ thousands, except
per share amounts)

2Q20

1Q20

Change

(%)

2Q20

2Q19

Change

(%)

Revenues

1,826

1,604

13.8

%

1,826

1,750

4.3

%

Gross Profit

978

927

5.5

%

978

769

27.2

%

Loss from Operations

(549)

(640)

NM

(549)

(1,122)

NM

Net Loss Attributable to GigaMedia

(419)

(286)

NM

(419)

(614)

NM

Net Loss Per Share Attributable to

   GigaMedia, Diluted

(0.04)

(0.03)

NM

(0.04)

(0.06)

NM

EBITDA (A)

(634)

(536)

NM

(634)

(1,000)

NM

Cash, Cash Equivalents and

   Restricted Cash

56,783

57,311

(0.9)

%

56,783

58,015

(2.1)

%

NM= Not Meaningful

(A)  EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to
results provided in accordance with U.S. generally accepted accounting principles ("GAAP"). (See, "Use
of Non-GAAP Measures," for more details.) 

Second-Quarter Financial Results

  • Consolidated revenues for the second quarter of 2020 increased by 13.8% quarter-on-quarter to $1.83 million from $1.60 million in last quarter, and by 4.3% year-over-year from $1.75 million the same period last year.
  • Consolidated gross profit was $0.98 million, increased by 5.5% quarter-on-quarter and 27.2% year-over-year.
  • Consolidated operating expenses were $1.53 million, comparable to the first quarter of 2020 and decreased by 19.3% if compared to the same period last year, which reflected a decrease in marketing expenses and general expenses.
  • Consolidated loss from operation of the second quarter of 2020 was a loss of $0.55 million, reflecting an improvement from a loss of $0.64 million in the first quarter.
  • Net loss in the second quarter of 2020 was $0.42 million, increasing from a net loss of $0.29 million in the first quarter this year mainly due to lower interest income and exchange loss in this quarter. 
  • Cash, cash equivalents and restricted cash at the end of the second quarter of 2020 amounted to $56.8 million, slightly decreased by 0.9% from $57.3 million as of the end of the first quarter.

Financial Position

GigaMedia maintained its solid financial position, with cash, cash equivalents and restricted cash amounted to $56.8 million, or $5.14 per share, as of June 30, 2020.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of July 30, 2020. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2019 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In the second half of 2020, we will continue improving productivities of the existing games, in which FunTown M, our own mobile platform of casual games, is expected to begin contributing to our revenues. Along with our various product lines and customer platform, we will gradually accumulate the momentum to an upward trend.  

Meanwhile, our management continues evaluating and pursuing prospects of strategic investment targets that are with potential to expand our business and create greater shareholder value.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with US GAAP, the Company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Quarterly results

All quarterly results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as "non-GAAP," and are presented in U.S. dollars.

Q&A

For Q&A regarding the second quarter 2020 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw, and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia’s digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.tw.

The statements included above and elsewhere in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the "Business Outlook" section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional online games that are appealing to users, our ability to retain existing online game players and attract new players, and our ability to launch online games in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April 2020 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

 

GIGAMEDIA LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended

Six months ended

06/30/2020

03/31/2020

06/30/2019

06/30/2020

06/30/2019

unaudited

unaudited

unaudited

unaudited

unaudited

USD

USD

USD

USD

USD

Operating revenues

Digital entertainment service revenues

1,825,547

1,603,904

1,749,583

3,429,450

3,232,816

Other revenues

—

—

—

—

—

1,825,547

1,603,904

1,749,583

3,429,450

3,232,816

Operating costs

Cost of digital entertainment service

    revenues

847,906

677,194

980,448

1,525,099

1,725,350

Cost of other revenues

—

—

—

—

—

847,906

677,194

980,448

1,525,099

1,725,350

Gross profit

977,641

926,710

769,135

1,904,351

1,507,466

Operating expenses

Product development and engineering

   expenses

332,745

328,815

325,144

661,560

645,638

Selling and marketing expenses

367,529

410,475

580,539

778,004

1,106,542

General and administrative expenses

825,998

824,442

974,648

1,650,440

1,810,634

Other

(42)

2,984

11,165

2,942

16,380

1,526,230

1,566,716

1,891,496

3,092,946

3,579,194

Loss from operations

(548,589)

(640,006)

(1,122,361)

(1,188,595)

(2,071,728)

Non-operating income (expense)

Interest income

212,881

255,719

414,450

468,600

796,250

Foreign exchange (loss) gain – net

(82,357)

98,887

90,922

16,529

79,520

Other – net

(1,404)

(298)

3,416

(1,702)

50,328

129,120

354,308

508,788

483,427

926,098

Loss before income taxes

(419,469)

(285,698)

(613,573)

(705,168)

(1,145,630)

Income tax benefit (expense)

—

—

—

—

—

Net loss attributable to shareholders of
GigaMedia

(419,469)

(285,698)

(613,573)

(705,168)

(1,145,630)

Loss per share attributable to GigaMedia

   Basic

(0.04)

(0.03)

(0.06)

(0.06)

(0.10)

   Diluted

(0.04)

(0.03)

(0.06)

(0.06)

(0.10)

Weighted average shares outstanding:

Basic

11,052,235

11,052,235

11,052,235

11,052,235

11,052,235

Diluted

11,052,235

11,052,235

11,052,235

11,052,235

11,052,235

 

GIGAMEDIA LIMITED

CONSOLIDATED BALANCE SHEETS

06/30/2020

03/31/2020

06/30/2019

unaudited

unaudited

unaudited

USD

USD

USD

Assets

Current assets

Cash and cash equivalents

56,247,678

56,777,472

57,489,563

Accounts receivable – net

349,450

355,225

591,905

Prepaid expenses

228,794

276,010

275,551

Restricted cash

535,153

533,436

525,354

Other receivables

203,671

238,396

458,383

Other current assets

142,230

148,757

131,150

Total current assets

57,706,976

58,329,296

59,471,906

Property, plant & equipment – net

7,740

8,117

92,580

Intangible assets – net

17,111

17,965

23,545

Prepaid licensing and royalty fees

184,365

210,530

574,274

Other assets

290,687

285,319

1,035,529

Total assets

58,206,879

58,851,227

61,197,834

Liabilities and equity

Accounts payable

69,147

60,405

119,597

Accrued compensation

278,622

156,948

253,262

Accrued expenses

1,321,262

1,449,553

1,340,539

Unearned revenue

1,058,940

1,285,399

1,617,881

Other current liabilities

627,162

715,877

197,776

Total current liabilities

3,355,133

3,668,182

3,529,055

Other liabilities

3,653

7,337

781,187

Total liabilities

3,358,786

3,675,519

4,310,242

GigaMedia’s shareholders’ equity

54,848,093

55,175,708

56,887,592

Total liabilities and equity

58,206,879

58,851,227

61,197,834

GIGAMEDIA LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS

Three months ended

Six months ended

06/30/2020

03/31/2020

06/30/2019

06/30/2020

06/30/2019

unaudited

unaudited

unaudited

unaudited

unaudited

USD

USD

USD

USD

USD

Reconciliation of Net Loss to EBITDA

Net loss attributable to GigaMedia

(419,469)

(285,698)

(613,573)

(705,168)

(1,145,630)

Depreciation

535

354

14,769

889

40,156

Amortization

(2,257)

4,657

12,830

2,400

25,729

Interest income

(212,881)

(255,719)

(414,450)

(468,600)

(796,250)

Interest expense

—

—

—

—

—

Income tax (benefit) expense

—

—

—

—

—

EBITDA

(634,072)

(536,406)

(1,000,424)

(1,170,479)

(1,875,995)

 

 

Related Links :

http://www.gigamedia.com

http://www.gigamedia.com.tw

PR Newswire

Recon Technology, Ltd. Announced Receipt of Official Hazardous Waste Operating Permit and New Order on Oily Sludge Treatment

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BEIJING, July 30, 2020 — Recon Technology, Ltd. (NASDAQ: RCON) ("Recon" or the "Company"), today announced that its 51% subsidiary, Gan Su BHD Environmental Technology Co., Ltd ("Gan Su BHD"), received the official 3-year hazardous waste operating permit on July 27, 2020 issued by the Environmental Protection Bureau of Gansu Province.

In addition, Gansu BHD has received a new order from the North China Branch of China Petroleum & Chemical Corporation ("Sinopec") to dispose 1,680 tons of oily sludge in Gansu Pingliang work zone. The value for this order is about RMB3.6 million ($0.5 million).

As previously disclosed by the Company, Gansu BHD purchased 50 year land use rights of a piece of 26,235 square meter land to construct a comprehensive disposal treatment facility to mainly serve the oilfield sewage treatment needs of Yumen Oilfield Company, China’s first petroleum production base and a PetroChina Co., Ltd. ("PetroChina") subsidiary. The construction completed in January 2020. The comprehensive disposal treatment project has an annual processing capacity of 60,000 tons of oily waste, and is one of the most advanced and the only such automated treatment facility located in Gansu Province so far. As of today, Gansu BHD also provides services and treatment solution to Sinopec’s Gansu branch.

Mr. Guangqiang Chen, co-founder and CTO of Recon, stated, "With the official permit, Gansu BHD can eventually provide large scale treatment service to clients. Affected by Covid-19, Gansu BHD’s operation was postponed temporally. By far, we have resumed its operation. We have transported about 5,000 tons of oily sludge to our factory disposal site and are ready to process it so it can meet the requirements of national environmental laws and regulations. We have also received the major part of the services fees for this project from the client, demonstrating the trust and the confidence from our clients on Gansu BHD’s treatment advantage and capacity. We believe Gansu BHD’s performance will be reflected in our financial results gradually from mid-2020 and we expect more development on this disposal business."

About Recon Technology, Ltd.                                       

Recon Technology, Ltd. (RCON) is China’s first non-state-owned oil and gas field service company listed on NASDAQ. Recon supplies China’s largest oil exploration companies with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measures for increasing petroleum extraction levels, reducing impurities and lowering production costs. Since 2017, the Company has expanded its business operations into other segments of the broader energy industry including electric power, coal chemicals, renewable energy and environmental protection in the energy and chemical industries. Through the years, Recon has taken leading positions on several market segments of the oil and gas field service industry. Recon also has developed stable long-term cooperation relationships with its major clients, and its products and service are well accepted by clients. For additional information please visit: www.recon.cn.

IR Contact:

Liu Jia, Chief Financial Officer
Recon Technology, Ltd.
Tel: +86-10-8494-5799
Email: info@recon.cn

Related Links :

http://www.recon.cn/

PR Newswire

Electrolux Q2 Interim Report 2020: Navigating Through Challenging Market With Reinforced Strategy

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STOCKHOLM, July 17, 2020 — The comments and figures in this report refer to continuing operations unless otherwise stated

Highlights of the second quarter of 2020

  • Net sales amounted to SEK 23,476m (29,232). Organic sales declined by 16.6%, due to lower volumes. The development of the coronavirus pandemic impacted market demand significantly in our main markets and also resulted in supply constraints in North America.  
  • Operating income amounted to SEK -62m (1,219), corresponding to a margin of -0.3% (4.2).
  • Comprehensive cost measures executed to mitigate the effects from the pandemic on earnings.
  • Negative currency impact on operating income of approximately SEK 360m.
  • Income for the period amounted to SEK -141m (1,006), and earnings per share was SEK -0.49 (3.50).
  • Operating cash flow after investments was SEK 122m (-25).

President and CEO Jonas Samuelson’s comment

The coronavirus pandemic affects all of us, personally and professionally. Our top priority is to safeguard the health and safety of our employees and to ensure business continuity as household appliances are essential for consumers’ daily life.

During the months of March through May, we experienced significant volume drops across most of our regions due to the pandemic. As restrictions were eased or removed, demand picked up in June, even if the pace of recovery varies greatly between regions. In some markets, such as many European countries, the recovery pace in the latter part of the quarter has been faster than predicted. It was therefore encouraging that we in June had an organic growth of 3%. I am also pleased that despite challenging conditions we improved our mix this quarter as well. A good example is Australia where newly launched products continue to gain good traction.

We have also delivered on the temporary cost and cash mitigation actions initiated in March; well above our expectations. This shows that both agility and cost focus are part of our DNA. We continue to follow through on our re-engineering and streamlining initiatives, yielding further structural efficiencies to strengthen our cost competitiveness also longer term. As we earlier announced, the coronavirus situation leads to delays in some of our strategic investments of up to half a year and has also impacted the ramp-up of our new Anderson factory in the U.S. due to supply disruptions from Mexico and shutdowns/ absenteeism, which also have impacted all our North American plants. This of course pushes cost savings from these investments forward, but I want to emphasize that we still expect our re-engineering and streamlining initiatives to generate approximately SEK 3.5bn of annual cost savings, with full effect from 2024.

Despite the strong cost reduction execution in the quarter, it was not possible to offset both the 17% organic sales drop and a significant currency headwind and, as we have previously communicated, the quarter was slightly loss-making.

The pandemic situation remains fluid, creating an extraordinary degree of uncertainty over what the full global impact on demand will be for the second half of the year. It depends on several factors such as virus resurgences, the extent of additional restrictive measures and the effectiveness of the massive stimulus packages on consumer confidence and demand. In the near term, we see good demand, partially driven by pent-up demand from April/May and the strong stimulus programs. However, for the full year 2020 we continue to expect negative demand in most of our main markets. Hence, as previously communicated, we expect a material financial impact related to the pandemic for the full year 2020, primarily due to the impact in the second quarter.

The increased time spent at home due to the pandemic has quickly changed consumer behavior. The importance of high-quality appliances with relevant features and benefits become more apparent. On the same note, we see consumers paying more attention to health and hygiene; meaning there is an increasing need for products that can boost wellbeing such as vacuum cleaners, air and water purifiers, dish washers and washing machines. Finally, consumers have become more digital and online purchases are growing significantly. These changes in consumer behavior reinforce our strategy and we keep accelerating innovation to deliver relevant products and services, including further development of our e-commerce capabilities.

Our strong commitment to sustainability remains unchanged and we see an opportunity to increase sustainable efforts as people change their behaviors due to the crisis.

Although we are experiencing a challenging time, I am confident that Electrolux remains well positioned to create value. I especially want to thank my colleagues for their great commitment as we continue to execute on our strategy.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, July 17. Jonas Samuelson, President and CEO and Therese Friberg, CFO will comment on the report.

Details for participation by telephone are as follows:

Participants in Sweden: +46-8-566-426-51

Participants in UK/Europe: +44-3333-000-804

Participants in US: +1-631-9131-422

Pin code: 74667634#

Slide presentation for download:

www.electroluxgroup.com/ir

Link to webcast:

https://edge.media-server.com/mmc/p/7owdv3p7

For further information, please contact:

Sophie Arnius
Head of Investor Relations
+46-70-590-80-72

Asa Ohman
Electrolux Press Hotline
+46-8-657-65-07

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 0800 CET on July 17, 2020.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/electrolux/r/electrolux-q2-interim-report-2020-navigating-through-challenging-market-with-reinforced-strategy,c3155766

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