Power Integrations today announced financial results for the quarter ended June 30, 2016. Net revenues for the second quarter were $97.2 million, up 14 percent from the prior quarter and also up 14 percent compared to the second quarter of 2015. Net income was $11.3 million or $0.38 per diluted share, compared to $0.30 per diluted share in the prior quarter and $0.29 per diluted share in the second quarter of 2015. Cash flow from operations for the second quarter was $23.6 million.
Commented Balu Balakrishnan, president and CEO of Power Integrations: "We achieved record quarterly revenues, with sequential growth across all four end-market categories. Growth was strongest in the communications market, where our InnoSwitch™ products continue to make gains in rapid-charging applications for the mobile-device market. In spite of a challenging demand environment for the semiconductor industry, our first-half revenues increased nine percent from the prior year, and we expect healthy year-over-year growth to continue in the second half of the year."