Chipmaker Inphi Smashes June-Quarter Estimates; Stock Surges
Summary
The Santa Clara, Calif.-based company earned an adjusted 95 cents a share on sales of $175.3 million in the June quarter. "In Q2 our product offerings were firing on all cylinders," Chief Executive Ford Tamer said in the Inphi earnings news release. "Although we are cautious with regard to the macro uncertainties, we believe our continued success and breadth of product cycles will drive sequential growth in the third quarter. In a generally upbeat earnings season for semiconductor stocks, companies with exposure to cloud data centers, personal computers and 5G wireless have outperformed. Chips stocks that got a boost from beat-and-raise June-quarter earnings reports include Advanced Micro Devices (AMD), Macom Technology Solutions (MTSI), Monolithic Power Systems (MPWR), Qorvo (QRVO), Qualcomm (QCOM) and Taiwan Semiconductor Manufacturing (TSM).