Monolithic Power Q1 2024 Earnings Report
Key Takeaways
Monolithic Power Systems announced its financial results for the first quarter ended March 31, 2024, with revenue up slightly by 1.5% year-over-year to $457.9 million. However, the company's GAAP gross margin decreased to 55.1% compared to 57.4% in the same quarter last year. GAAP net income also declined to $92.5 million, or $1.89 per diluted share, from $109.8 million, or $2.26 per diluted share, in Q1 2023.
Revenue increased by 1.5% year-over-year to $457.9 million.
GAAP gross margin decreased to 55.1% compared to 57.4% in the previous year.
GAAP operating income was $95.5 million, down from $124.3 million year-over-year.
GAAP net income decreased to $92.5 million, or $1.89 per diluted share.
Monolithic Power
Monolithic Power
Forward Guidance
For the second quarter ending June 30, 2024, MPS expects revenue between $480.0 million and $500.0 million and GAAP gross margin between 55.1% and 55.7%.
Positive Outlook
- Revenue in the range of $480.0 million to $500.0 million.
- GAAP gross margin between 55.1% and 55.7%.
- Non-GAAP gross margin between 55.4% and 56.0%.
- Other income of $5.3 million to $5.7 million before foreign exchange gains or losses.
- Fully diluted shares outstanding between 48.8 million and 49.2 million.
Challenges Ahead
- Stock-based compensation and related expenses of $43.2 million to $45.2 million.
- Non-GAAP tax rate of 12.5% for 2024.
- Cautious outlook for the second half of 2024 business conditions.
- Continued downturn in the global economy.
- Adverse changes in laws and government regulations.