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Cohu (COHU) operates in the semiconductor and PCB test and inspection markets that operate in the following segments (from the May 2019 IR presentation):
The company also has what can be considered as (higher gross margin) recurring revenues, from their contractor business (19% of sales in Q1) as well as from the data center, cloud and AI segments.
As usual, we start with a little 5-year overview:
Data by YCharts
Xcerra acquisition
The pretty dramatic revenue improvement and accompanying deterioration in operational performance is of course the result of the acquisition of