MediaTek Announces Consolidated Financial Results for the First Quarter of 2024

MediaTek's consolidated revenue in the first quarter of 2024 was NT$133.458 billion (approximately US$4.124 billion), a year-on-year increase of 39.5%. Consolidated operating profit was NT$32.18 billion, a year-on-year increase of 124%. This growth was mainly due to the reduction in inventory levels last year and customers replenishing their inventory. As inventory returns to a balanced state, the company expects operating performance to return to normal in the second quarter.