Power Integrations (NASDAQ: POWI) reported second-quarter revenue of $118.9 million on July 31, 2023, marking a 10% sequential increase and a 3% rise from a year earlier. The company achieved a non-GAAP operating margin of 17.1% and generated $22 million in operating cash flow, indicating effective cost management and growth across all four end-market categories.
Key financials included a non-GAAP net income of $20.9 million, or $0.37 per diluted share, up from $0.25 per diluted share in the previous quarter. Industrial sales represented 43% of total revenue, with a notable 14% increase in industrial revenue driven by sectors such as home automation and power tools. The company anticipates third-quarter revenue of $122 million to $130 million, with gross margins projected between 54% and 55%.
Looking ahead, Power Integrations is targeting a doubling of automotive revenue by 2026, backed by new designs for gallium-nitride-based micro DC-DC converters. The company is also advancing its high-voltage gallium-nitride roadmap, having demonstrated 2,200-volt technology that could serve future applications in data centers and automotive systems.
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