Published on 3 May 2024 on Zacks via Yahoo Finance
Monolithic Power (MPWR) Q1 Earnings Beat on Higher Revenues
Monolithic Power Systems, Inc. MPWR reported healthy first-quarter 2024 results, with the bottom and the top lines beating the respective Zacks Consensus Estimate. Despite declining trends in several verticals, the Kirkland, WA-based company witnessed modest revenue growth year over year, backed by strong momentum in the Enterprise Data vertical.
Net Income
Net income, on a GAAP basis, was $92.5 million or $1.89 per share compared with $109.8 million or $2.26 per share in the year-ago quarter. Higher operating expenses primarily led to this downturn in the net income.Non-GAAP net income declined to $137.5 million or $2.81 per share from $146 million or $3 per share in the prior-year quarter. However, the bottom line surpassed the Zacks Consensus Estimate by 15 cents.