Primax Electronics Ltd. (4915 TT / 4915.TW) announced today its consolidated June revenue of NT$7.05 billion, which is a 33.6% year-on-year (YoY) increase and a 2.6% month-over-month (MoM) gain. For 2Q22, Primax’s consolidated revenue reached NT$20.28 billion, a 23.3% YoY increase and a 13.3% quarter-over-quarter (QoQ) gain.
2Q22 was a challenging quarter for the industry as China’s Covid lockdown negatively impacted production and demand, but Primax was able to pull off with a strong 2Q22 revenue growth. Also, rising interest rates and inflation have dampened consumer sentiment, leading to a more bearish outlook for the quarter and 2H22. Despite China’s Covid lockdown and macro headwinds, Primax was able to grow its revenue in the first half of 2022 with strong demand from business equipment, non-consumer visual technology products (B2B), consumer audio and other new businesses; Primax’s consolidated revenue for the first six months of 2022 totaled NT$38.18 billion, which translated to a 13.6% YoY gain. Primax expects the growth for the aforementioned products to remain strong, carrying their first half momentum into the second half of the year.