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GigaDevice saw its 1Q23 profits decline by nearly 80%; promoting new products to turn the tide

China-based memory and MCU (multipoint control unit) supplier GigaDevice recently announced its operational performance for the first quarter of 2023. Revenue saw an annual decrease of nearly 40% and profits decreased by nearly 80%. Regarding the downturn pressure faced by the semiconductor industry in the short term, GigaDevice stated that it will use a diversified product portfolio to increase revenue and will continue to launch new products to increase market share.