SYNA - Chip stocks mixed amid slew of earnings reports

2023-08-04 09:32:44 ET

Semiconductor stocks were mixed in early trading on Friday amid a slew of earnings reports from the industry.

Chip equipment maker Applied Optoelectronics ( NASDAQ: AAOI ) shares surged more than 23% after it reported second-quarter results and provided a third-quarter revenue forecast that topped estimates.

That forecast prompted an upgrade from investment firm B. Riley.

Semiconductor manufacturing company Advanced Energy ( AEIS ) shares were little changed after it reported second-quarter results that slightly topped estimates and issued a third-quarter outlook that was mixed.

For the upcoming quarter, Advanced Energy ( AEIS ) expects sales to be $415M, plus or minus $15M, with earnings, excluding one-time items, at $1.13 per share, plus or minus 20 cents.

Analysts were expecting $419.28M in revenue and $1.11 per share in adjusted earnings.

Cirrus Logic ( NASDAQ: CRUS ) shares rose nearly 3% after it topped first-quarter estimates and issued second-quarter guidance that was above expectations.

For the coming period, Cirrus Logic ( CRUS ) expects sales to be between $430M and $490M, with the mid-point above the $437.2M estimate.

Microchip Technology ( MCHP ) shares fell more than 5% after it reported in-line results for the second-quarter and issued a tepid outlook.

The Chandler, Arizona-based semiconductor company expects second-quarter sales to be between $2.22B and $2.31B, with the consensus estimate of $2.28B. Adjusted earnings are forecast to be between $1.60 and $1.64 per share, with the mid-point right at the $1.62 per share estimate.

Synaptics ( NASDAQ: SYNA ) shares fell more than 10% after it issued a weaker-than-expected outlook, despite strong fourth-quarter results.

The company expects sales to be between $215M and $245M, with the mid-point between the $242.8M estimate.

Qualys ( NASDAQ: QLYS ) shares rose more than 5% after it topped estimates for the second-quarter and boosted its full-year earnings guidance.

The company now expects adjusted earnings to be between $4.50 and $4.65 per share, with GAAP earnings between $3.07 and $3.22 per share.

Power Integrations ( POWI ) fell more than 7% after it issued third-quarter guidance that was below forecasts.

Third-quarter revenues are expected to be $130M, plus or minus $5M, below the $150M estimate. Adjusted gross margins are expected to be approximately 54%, while operating expenses are forecast to be roughly $43.5M.

More on semiconductors

• Chip design firm Arm said to target $60B IPO next month
• Stick to U.S. stocks that offer experience over hope, Goldman says
• Taiwan Semiconductor inaugurates new R&D hub at home for next-gen semiconductors

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