MagnaChip Higher By 24% After Raising Q2 Sales Guidance

MagnaChip Semiconductor MX shares are trading higher after the company raised its second-quarter sales guidance above analyst estimates.

MagnaChip says revenue in the second quarter is now expected to be at least $194 million, and gross profit margin is expected to be at least 21%. Previous guidance of revenues was in the range of $173 million-181 million and gross profit margin was in the range of 16-18%.

MagnaChip shares were trading up 24.5% at $11 in Wednesday's pre-market session.