NASDAQ$POWI
Power Integrations · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Revenue increased sequentially, but decreased year-over-year due to broad-based demand weakness.
Power Integrations reported Q3 2023 financial results with a sequential increase in revenues but a year-over-year decrease. GAAP earnings were $0.34 per diluted share, and non-GAAP earnings were $0.46 per diluted share. The company is progressing on growth initiatives, including EVs and GaN technology.
- Net revenues for the third quarter were $125.5 million, up two percent compared to the prior quarter and down 22 percent from the third quarter of 2022.
- Net income for the third quarter was $19.8 million or $0.34 per diluted share compared to $0.26 per diluted share in the prior quarter and $0.80 per diluted share in the third quarter of 2022.
- Non-GAAP net income for the third quarter of 2023 was $26.6 million or $0.46 per diluted share compared to $0.36 per diluted share in the prior quarter and $0.84 per diluted share in the third quarter of 2022.
- Company repurchased approximately 24,000 shares of its common stock for $1.8 million during the third quarter.
Headline financials
Revenue & EPS history
Power Integrations · Revenue · Quarterly
$126M
Revenue by segment
Power Integrations · $126M total across 4 segments · Q3 2023
- Communications$40.2M+56.7%32.0%
- Industrial$40.2M-38.9%32.0%
- Consumer$32.6M-36.4%26.0%
- Computer$12.6M-28.8%10.0%
Forward guidance
The company expects Q4 2023 revenues to be $90 million plus or minus $5 million. Gross margins are expected to be similar to the third-quarter levels. GAAP operating expenses are expected to be approximately $50 million, and non-GAAP operating expenses are expected to be approximately $42.5 million. Non-GAAP expenses are expected to exclude about $7.5 million of stock-based compensation.
Tailwinds
- Revenues are expected to be $90 million plus or minus $5 million.
- Gross margins are expected to be similar to the third-quarter levels.
- GAAP operating expenses are expected to be approximately $50 million.
- Non-GAAP operating expenses are expected to be approximately $42.5 million.
- Non-GAAP expenses are expected to exclude about $7.5 million of stock-based compensation.
Headwinds
- Uncertain short-term outlook due to broad-based demand weakness.
- Elevated supply-chain inventories.
- Potential changes and shifts in customer demand.
- Effects of competition may cause revenue decrease.
- Unfavorable fluctuations in component costs.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
+0.7%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+1.8%
Avg return
30 days after
50%
34 / 68 earnings
Positive
+17.6%
Q2 2021
Best reaction
-20.5%
Q1 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.6% | -1.0% | +7.2% | |
| Q4 2025 | +0.3% | +2.3% | -2.4% | |
| Q3 2025 | -7.8% | -10.6% | -7.8% | |
| Q1 2025 | -6.0% | -8.5% | -2.4% | |
| Q4 2024 | -1.8% | -2.7% | +3.3% | |
| Q3 2024 | +1.2% | +0.7% | -2.2% | |
| Q2 2024 | -7.6% | -6.7% | -7.7% | |
| Q1 2024 | +10.0% | +8.2% | +8.5% | |
| Q4 2023 | +8.5% | -3.9% | -1.6% | |
| Q3 2023 | -7.1% | -3.0% | +4.1% | |
| Q2 2023 | -7.6% | -7.0% | -6.4% | |
| Q1 2023 | +6.1% | +5.2% | +18.9% | |
| Q4 2022 | -3.8% | -7.7% | -7.0% | |
| Q3 2022 | -8.1% | +3.0% | +17.0% | |
| Q2 2022 | -2.0% | -8.4% | -17.9% | |
| Q1 2022 | +0.5% | +5.1% | +6.7% | |
| Q4 2021 | +2.5% | +6.7% | +6.5% | |
| Q3 2021 | +4.1% | +3.1% | +3.2% | |
| Q2 2021 | +17.6% | +17.9% | +31.5% | |
| Q1 2021 | -1.1% | -6.6% | -1.9% | |
| Q4 2020 | -2.1% | +1.9% | -1.9% | |
| Q3 2020 | +8.4% | +10.4% | +28.0% | |
| Q2 2020 | -0.9% | -1.1% | -8.2% | |
| Q1 2020 | +4.8% | +2.7% | +16.7% | |
| Q4 2019 | -0.2% | +3.1% | -11.1% | |
| Q3 2019 | +8.7% | +8.9% | +5.5% | |
| Q2 2019 | +5.8% | +3.4% | -5.9% | |
| Q1 2019 | -3.7% | -1.2% | -15.6% | |
| Q4 2018 | +2.3% | +0.5% | +0.3% | |
| Q3 2018 | -5.8% | +2.9% | +11.4% | |
| Q2 2018 | -5.1% | -4.5% | -2.9% | |
| Q1 2018 | +1.9% | +3.0% | +12.5% | |
| Q4 2017 | -9.6% | -11.0% | -8.9% | |
| Q3 2017 | +14.4% | +8.9% | +10.8% | |
| Q2 2017 | -6.3% | -7.4% | -8.9% | |
| Q1 2017 | -1.8% | -4.9% | -0.4% | |
| Q4 2016 | -8.9% | -6.8% | -11.8% | |
| Q3 2016 | +0.6% | -1.4% | +7.5% | |
| Q2 2016 | +1.2% | -2.6% | +3.9% | |
| Q1 2016 | +3.2% | — | — | |
| Q4 2015 | -2.3% | — | — | |
| Q3 2015 | +9.0% | — | — | |
| Q2 2015 | +1.1% | — | — | |
| Q1 2015 | -2.4% | — | — | |
| Q4 2014 | -3.8% | — | — | |
| Q3 2014 | -2.1% | — | — | |
| Q2 2014 | +8.7% | — | — | |
| Q1 2014 | -20.5% | — | — | |
| Q4 2013 | -2.7% | — | — | |
| Q3 2013 | +9.9% | — | — | |
| Q2 2013 | +7.7% | — | — | |
| Q1 2013 | +7.2% | — | — | |
| Q4 2012 | +14.8% | — | — | |
| Q3 2012 | +5.6% | — | — | |
| Q2 2012 | -5.1% | — | — | |
| Q1 2012 | +9.6% | — | — | |
| Q4 2011 | -3.1% | — | — | |
| Q3 2011 | -0.4% | — | — | |
| Q2 2011 | +2.3% | — | — | |
| Q1 2010 | +1.3% | — | — | |
| Q1 2011 | -2.3% | — | — | |
| Q4 2008 | +0.3% | — | — | |
| Q4 2010 | +0.3% | — | — | |
| Q3 2010 | +6.5% | — | — | |
| Q3 2009 | +6.5% | — | — | |
| Q4 2009 | -0.5% | — | — | |
| Q2 2010 | -0.5% | — | — | |
| Q2 2009 | -0.5% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro