12 annotations
You lowered the bar from $1 billion roughly to over $800 million
1bn to 800m for SiC
Transcript
2023 Q3
5 Feb 24
As for the end markets they serve, we had another quarter of record automotive revenue with nearly $1.2 billion in Q3, increasing 9% sequentially and 33% year-over-year, driven by silicon as well as silicon carbide as the need for electrification and advanced features and vehicles continues to rise.
In Industrial, our record revenue of $616 million increased 1% sequentially and was up slightly year-over-year with continued strength in energy, infrastructure and medical.
auto 1.2bn revm industrak 616m rev
Transcript
2023 Q3
19 Dec 23
Our manufacturing output continues to exceed expectations, and the acceleration of our ramp resulted in achieving a $1 billion run rate quarter in Q3, increasing nearly 50% over Q2.
However, for the full year, a single automotive OEM's recent reduction in demand will impact our $1 billion target, and we now expect to ship more than $800 million of silicon carbide in 2023, 4x last year's revenue. In '24, we expect the growth of our silicon carbide business to double the market growth.
one customer respinsin;e fr bug decline in expectations
Transcript
2023 Q3
4 Nov 23
Given the current macro environment, we are taking a cautious stance in our guidance. We anticipate Q4 revenue to be in the range of $1.95 billion to $2.05 billion.
We expect a mid-single-digit decline in automotive given the softness in Europe that Hassane described, with greater sequential declines in industrial and other end markets.
We expect non-GAAP gross margin to be between 45.5% and 47.5%, primarily due to lower factory utilization and continued EFK headwind.
Our Q4 non-GAAP gross margin includes share-based compensation of $4.3 million.
msd decxline in auto
Transcript
2023 Q3
1 Nov 23
Despite these results in the third quarter, we are taking a very cautious approach as we are starting to see pockets of softness with Tier 1 customers in Europe working through their inventory and increasing risk to automotive demand due to high interest rates. It has been nearly 3 years since the start of our transformation, and our worldwide employees have been relentless in their pursuit of operational excellence.
pockets of softness tir 1 europpean customers
Transcript
2023 Q3
1 Nov 23
As far as the outlook in the silicon carbide market in general or the EV market in general, it really has not changed our outlook.
(No comment added)
Transcript
2023 Q3
30 Oct 23
I would say majority of the weakness in Q4 is the silicon carbide, obviously. But the rest of the business is kind of exactly where we expected it at the end of the year
(No comment added)
Transcript
2023 Q3
30 Oct 23
Customer designs have not slowed down, conversions to EV platforms have not slowed down.
(No comment added)
Transcript
2023 Q3
30 Oct 23
It's just not going to grow in the fourth quarter at the rate that we expected.
(No comment added)
Transcript
2023 Q3
30 Oct 23
no change on the secular trend for EVs
(No comment added)
Transcript
2023 Q3
30 Oct 23
Our Automotive revenue hit a new record of over $1 billion in Q2, growing 8% quarter-over-quarter and 35% year-over-year, driven by the accelerating adoption of electrification and the continued need for sensing in vehicles. In Q2, Industrial revenue grew 5% year-over-year and 10% sequentially, with continued strength in EV charging, medical applications, as well as energy infrastructure, which increased nearly 70% year-over-year and is now a meaningful part of our overall revenue.
We continue to exit volatile non-core businesses, which included another $57 million in Q2 revenue, bringing our total year-to-date of exited revenue to more than $100 million and nearly $400 million since the start of our transformation
auto +industrial
Transcript
2023 Q2
7 Aug 23
Non-GAAP operating expenses were below our guidance as we manage discretionary spending across the company given the uncertain macro environment.
expenses eloe guidance
Transcript
2023 Q1
10 Jul 23
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