Power Integrations sees upturn
Power Integrations saw revenue of $123.2m for the last quarter, up 16 percent compared to the prior quarter but down 33 percent from the same quarter last year in a move that it says marks an upturn in the power market.
Net income for the second quarter was $14.8m, up from $6m last quarter but down from the $55m in 2022.
The industrial power market is still falling, it says, but expects China to return to growth in the second half of the year.
“Our second-quarter results mark the start of a recovery from the cyclical trough,” said Balu Balakrishnan, chairman and CEO of Power Integrations (above). “Consumer revenues grew 35 percent sequentially driven by appliances, while communication and computer revenues also rose significantly,” he said.
“Industrial, the last category to enter the cyclical downturn, fell slightly. Looking ahead, while the pace of the recovery reflects a soft demand environment, especially in China, we expect meaningful growth in the second half of 2023 compared to the first half driven by design wins and improving channel inventory. We also expect higher gross margins in the second half driven by the dollar/yen exchange rate, rising production volumes and a more favourable end-market mix.”
It expects revenues to be up at $130 million plus or minus $5 million for the next quarter.
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