PORTLAND, Ore. , Nov. 12, 2024 /PRNewswire/ -- Pixelworks, Inc.
(NASDAQ: PXLW ), a leading provider of innovative video and display processing solutions, today announced financial results for the third quarter ended September 30, 2024 . Third Quarter and Recent Highlights Total revenue increased 12% sequentially GAAP gross margin expanded more than 50 basis points sequentially and 800 basis point year-over-year to 51.2%, primarily driven by favorable product mix and lower overhead expenses Entered into multi-year, multi-title agreement with Universal Pictures to bring TrueCut MotionTM technology to the theatrical releases of future Universal titles DreamWorks Animation's The Wild Robot was released globally by Universal Pictures to premium large format theaters in TrueCut Motion format Pixelworks Shanghai subsidiary received provincial and national-level recognition with the "Little Giant" certification, a designation for leading enterprises in China that have significant growth potential Pixelworks retains Morgan Stanley as financial advisor to assist with reviewing potential strategic options specific to inbound interest in the Company's Pixelworks Shanghai subsidiary "Third quarter results reflected our expectations for moderate sequential improvement as we continue to work through the previously communicated headwinds in our mobile business," stated Todd DeBonis , President and CEO of Pixelworks.
"Gross margin expanded sequentially and year-over-year to over 51%, while op.
