(RTTNews) - Dialog Semiconductor Plc (DLGNF.PK, DLGS) reported that its second quarter net income was 81% below prior year at $32.4 million. Earnings per share was $0.45 compared to $2.20. Underlying earnings per share was 20% lower year-on-year to $0.69. Underlying gross margin was 50.6%, up 90bps year-on-year. The company said the increase was mainly the result of revenue mix, and continuing savings in manufacturing and overhead costs.
Second quarter revenue was significantly below prior year at $302 million mostly due to the one-off license revenue of $146 million last year, and the expected decline in licensed main PMICs. Underlying revenue was 10% below previous year.
Dialog CFO, Wissam Jabre, said: "Revenue for the second quarter exceeded our May guidance due to stronger than expected demand for tablets, notebooks and wearable products, driven by the recent global shift to a "work and learn from home" environment."
At the end of second quarter 2020, the company held cash and cash equivalents of $957 million.
For third quarter, including Adesto, the company projects: revenue to be in the range of $340 million to $380 million and underlying gross margin to be broadly in line with second quarter 2020.
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