https://www.businesswire.com/news/home/20180730005854/en/

TOKYO--(BUSINESS WIRE)--Jul 31, 2018--Renesas Electronics Corporation (TSE:6723, “Renesas”), a premier supplier of advanced semiconductor solutions, today reported the financial results for the second quarter ended June 30, 2018 (April 1, 2018 to June 30, 2018).

“We have been continuously improving our gross and operating margins by pursuing sales growth and cost efficiency,” said Bunsei Kure, Representative Director, President and CEO, Renesas Electronics Corporation. “While our second quarter non-GAAP semiconductor sales increased by 2.5% year-on-year, we have been focusing on restraining our production volume as part of our improvement measures to achieve optimal inventory levels and kept our inventory on par with the level of the previous quarter. This led to our non-GAAP gross margin to be a similar level on a year-on-year basis. For the third quarter ending September 30, 2018, in light of the inventory situations at our sales channels, we expect semiconductor sales to decrease year-on-year and also foresee a drop in gross margin from a year-ago quarter. Although our short-term financial performance is expected to grow weaker from these improvement measures for future growth, we will continue our efforts to realize our mid- to long-term targets.”