Monolithic Power projects quarterly revenue above estimates on AI boom

Reuters05-02

May 1 (Reuters) - Monolithic Power Systems forecast current-quarter revenue above estimates on Wednesday due to strong demand for its power control modules and hardware used in artificial intelligence applications.

Shares of the Kirkland, Washington-based company rose about 1% in trading after the bell.

Analysts expect Monolithic Power, which makes power control modules used in servers and data centers, to benefit from higher budgets being allocated to data centers for artificial intelligence applications.

The AI boom is expected to offset poor demand from a beleaguered automotive industry, which has seen sales of electric vehicles slow down due to high-interest rates.

The company expects second-quarter revenue between $480 million and $500 million, compared with estimates of $471.8 million.

Revenue for the first quarter stood at $457.9 million, compared with analyst's estimates of $446.3 million, according to LSEG data.

Sales to enterprise data customers, the largest segment for Monolithic Power, more than tripled to $149.7 million in the March quarter.

Profit on an adjusted basis was $2.81 per share in the first three months of the year, while analysts expected a net income of $2.66 per share.

(Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid)

((Akash.Sriram@thomsonreuters.com; On X as @HoodieOnVeshti; +91-74116-87774;))

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