Summary by Moomoo AI
Monolithic Power Systems reported Q2 2024 revenue of $507.4 million, up 15% year-over-year, driven by robust demand for AI power management solutions. Net income reached $100.4 million with a gross margin of 55.3%. Enterprise data revenue surged 290% to $187.2 million, representing 36.9% of total sales, while automotive revenue declined 16.5% to $87.2 million.Research and development expenses increased 22.4% to $77.9 million as the company continued investing in new product development and engineering talent. Operating income remained stable at $116.5 million despite higher operating expenses, while the effective tax rate was 19.1%. The company maintained a strong balance sheet with $1.31 billion in cash and investments.Looking ahead, MPS remains focused on expanding its AI infrastructure presence while navigating challenging macroeconomic conditions. The company declared a quarterly dividend of $1.25 per share and repurchased $4.5 million of stock during the quarter. Management highlighted ongoing efforts to secure manufacturing capacity through long-term supply agreements and facility investments.
