Chips&Media sees profit drop 33% in 2020
Due to COVID-19 pandemic
Semiconductor IP company Chips&Media posted 15.4 billion won in sales and 2.38 billion won in operating profit in 2020, the company said.
It is a drop of 4.6% and 33.8%, respectively, from 2019.
The company said most of it sales come from the US and China. While China showed a quick recovery from the pandemic, US and other regions had its customers postpone their schedule, causing licensing sales to drop, Chips&Media said.
In 2021, the company said it expects growth from winning a large, global customer.
China has increased semiconductor projects in reaction to its trade war with the US, which increased the company’s sales from China to jump 60% in 2020 compared to 2019.
It also expected demand from the US and other regions to recover this year.