ISC said on Monday that it recorded 36 billion won in revenue and 6.5 billion won in operating profit in the second quarter.
Revenue dropped 34.4% from last year while operating profit nosedived by 71.7% over the same time period.
The company explained that the earnings drop stems from customers’ lowered production output and price drop.
During the quarter, memory and logic chip makers all lowered their production output and spending on facilities.
However, it saw a rise in orders from high-end chip test sockets used in XR, AI, and data center packaging, ISC said.
Outlook for the second half of the year was also lower than last year but in logic the market will recover in the third quarter and in memory the fourth quarter, the South Korean company said.
ISC also added that it still expected growth of 10% this year compared to 2022.