Power Integrations sees dip for 2023
Power Integrations is forecasting a dip in revenue for 2023 as customers use up inventory.
The latest figures from Power Integrations show a revenue of $125.5m, up two percent compared to the prior quarter and down 22 percent from the third quarter of 2022.
The company is forecasting revenue of $90m for the fourth quarter for a total of $616.36m. This would down 5% on $651.13m in 2022 and even more on the $703m revenue of 2021.
“Our results and forecast reflect the broad-based demand weakness and elevated supply-chain inventories cited by many of our peers this quarter. Notwithstanding the uncertain short-term outlook, our products are winning in the market, design activity remains healthy, and we are making excellent progress on growth initiatives such as EVs, efficient drivers for brushless DC motors, and our proprietary GaN technology,” said Balu Balakrishnan, chairman and CEO of Power Integrations.
“We took the next step on our GaN roadmap last month with the introduction of InnoSwitch ICs incorporating a 1250-volt PowiGaN switch. This breakthrough not only extends the efficiency benefits of GaN to a wider range of applications but also demonstrates that GaN will be a more cost-effective alternative to silicon carbide in the years ahead,” he said.