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New words:
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Financial report summary
?Competition
Diodes • ST Microelectronics - New York Shares • Monolithic Power System • NXP Semiconductors • Transphorm • Broadcom • Navitas SemiconductorManagement Discussion
- Net revenues. Net revenues consist of revenues from product sales, which are calculated net of returns and allowances. Net revenues for the three months ended March 31, 2024 and 2023 were $91.7 million and $106.3 million, respectively.
- We believe that demand for our products has been negatively affected by an array of macroeconomic and geopolitical factors including reduced consumer spending and a reduction in home sales in response to inflation and higher interest rates, general economic weakness in China, weaker industrial activity and the conflicts in Ukraine and the Middle East. We believe these factors have exacerbated the effects of an ongoing cyclical downturn in the semiconductor industry; such downturns are commonly experienced following periods of strong growth during which supply-chain participants tend to accumulate excess inventories. Also contributing to the decrease in revenues has been a reduction in sales of our products for mobile-phone chargers; this reflects a variety of factors including increased decoupling of smartphone handsets and chargers, shifts in market share among handset vendors, and diversification of component suppliers among Chinese handset OEMs, including greater use of Chinese-made components. As a result of these factors, revenues from our communications category were lower in the three months ended March 31, 2024, as compared to the corresponding
- period of 2023. The reduction was partially offset by growth in the consumer category reflecting reduced supply-chain inventories related to consumer appliances.