SEOUL, South Korea, Feb. 18, 2021 /PRNewswire/ -- Magnachip Semiconductor Corporation ("Magnachip") (NYSE: MX) announced today that the Company has commenced full-scale mass production of its first 120Hz High Frame Rate (HFR) OLED display driver IC (DDIC) for QHD flexible displays, followed by the successful release and initial production.

The frame rate refers to the number of frames (images) displayed per second on the screen, so a higher frame rate results in better image quality. Magnachip's new OLED DDIC product supports 120Hz HFR for QHD displays, which is optimized for 5G smartphones.

This OLED DDIC is also designed for 1440 x 3360 resolution screens and is being integrated into high-end 5G smartphones produced by global manufacturers. With the sophisticated HFR feature and utilization of the most advanced 28nm process technology in the pure-play foundry industry, Magnachip plans to establish a firm foothold in the premium 5G smartphone market.

The global 5G smartphone market is growing rapidly with the ongoing release of new 5G smartphones from the leading smartphone manufacturers. According to Omdia, a market research firm, global 5G smartphone shipments reached 220 million units in 2020 and would grow five-fold to 1,150 million units by 2023, which will account for almost 80% of all smartphone shipments that year.

"We have further strengthened our customers' trust in and recognition of our technology and product quality with the mass production of this new DDIC," said YJ Kim, CEO of Magnachip. "We will continuously build the foundation for the future design requirements and expand new opportunities for foldable and 5G smartphones."

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,200 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip's website is not a part of, and is not incorporated into, this release.

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SOURCE Magnachip Semiconductor Corporation