Welcome to our dedicated page for Power Integrations news (Ticker: $POWI), a resource for investors and traders seeking the latest updates and insights on Power Integrations stock.
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Power Integrations (NASDAQ: POWI) reported quarterly revenues of $91.7 million, with GAAP earnings of $0.07 per diluted share and non-GAAP earnings of $0.18 per diluted share. Revenues were up 2% from the prior quarter but down 14% from the first quarter of 2023. The company's GAAP net income for the first quarter was $4.0 million. Power Integrations provided a positive outlook for the second quarter, expecting higher revenues and increased gross margin, driven by improved orders and efficiency enhancements in their power-conversion technology.
Power Integrations, a leader in high-voltage integrated circuits for energy-efficient power conversion, announced the acquisition of Odyssey Semiconductor Technologies, a developer of vertical gallium-nitride (GaN) transistor technology. The transaction is expected to close in July 2024, with all key Odyssey employees joining Power Integrations. This acquisition will support the development of Power Integrations' PowiGaN™ technology, enhancing their product families and expanding their voltage and power capabilities.