Power Integrations today announced financial results for the quarter ended June 30, 2015. Net revenues for the second quarter were $85.3 million, up three percent from the prior quarter and down four percent from the second quarter of 2014.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "Like many of our industry peers, we experienced lower-than-expected demand in the second quarter. However, we proactively adjusted our operating expenses during the quarter and delivered solid earnings and strong cash flow.
"While macroeconomic factors remain a concern, we did see an uptick in sales and bookings in the latter part of the second quarter. We anticipate sequential revenue growth in the third quarter, led by adoption of our new InnoSwitch™ product family, which continues to ramp into the mobile-device market and is now gaining adoption by customers in our other endmarkets as well."
For further details, see today's press release.