Power Integrations Q2 2023 Earnings Report
Key Takeaways
Power Integrations reported Q2 2023 financial results, showing a recovery from the cyclical trough with revenues up 16% sequentially to $123.2 million. GAAP earnings per diluted share were $0.26, and non-GAAP earnings per diluted share were $0.36.
Net revenues for the second quarter were $123.2 million, a decrease of 33 percent from the second quarter of 2022.
GAAP earnings were $0.26 per diluted share, up from $0.12 per diluted share in the prior quarter.
Non-GAAP earnings were $0.36 per diluted share, up from $0.25 per diluted share in the prior quarter.
The company expects meaningful growth in the second half of 2023 compared to the first half driven by design wins and improving channel inventory.
Power Integrations
Power Integrations
Power Integrations Revenue by Segment
Forward Guidance
The company expects revenues of $130 million plus or minus $5 million and GAAP gross margin to be approximately 53.5 percent, and non-GAAP gross margin is expected to be approximately 54 percent for Q3 2023.
Positive Outlook
- Revenues are expected to be $130 million plus or minus $5 million.
- GAAP gross margin is expected to be approximately 53.5 percent.
- Non-GAAP gross margin is expected to be approximately 54 percent.
- GAAP operating expenses are expected to be approximately $51 million.
- Non-GAAP operating expenses are expected to be approximately $43.5 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income