QuickLogic Corporation QUIK is slated to release second-quarter 2024 results on Aug 13.
For the second quarter, the Zacks Consensus Estimate for revenues is currently pegged at $4.5 million, which suggests growth of 54.1% year over year.
The consensus mark for earnings stands at a penny per share, which remained unchanged in the past 60 days. This implies a strong improvement from the year-ago quarter's loss of 12 cents per share.
QUIK’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, the average surprise being -98.8%.
Let’s see how things are shaping up for this announcement.
QuickLogic Corporation Price and EPS Surprise 
QuickLogic Corporation price-eps-surprise | QuickLogic Corporation Quote
Factors at Play
QuickLogic’s second-quarter results are expected to benefit from the rising adoption of QUIK’s embedded FPGA (eFPGA) Intellectual Property (“IP”) Licensing products and sensor processing solutions. The company’s eFPGA IP-based products, which include the rad-hard program for the U.S. government, continued shipments of smart connectivity, the SensiML AI software platform and display products, are expected to be a key driver in the to-be-reported quarter.
In the first quarter of 2024, QUIK’s New products revenues (accounting for nearly 82% of total quarterly revenues) soared 59.6% year over year to $4.9 million. The increase was primarily driven by higher eFPGA IP license and professional services revenues due to the start of the next phase of the large eFPGA contract and higher device revenues. The trend is likely to have continued in the to-be-reported quarter.
The company’s second-quarter performance is likely to have benefited from the rising demand for wearable products in the business-to-business market, mainly driven by higher demand from hospitals and fitness-focused industries, which need to track body activities and biometric information.
Additionally, a healthy line-up of deals is likely to have positively impacted the company’s second-quarter performance. In early March 2024, QuickLogic announced that its eFPGA IP has been chosen by an unnamed multinational company for the TSMC N12e, 12nm process. The company's eFPGA product was chosen for its capability to handle AI data acceleration algorithms with improved power efficiency.
In late February 2024, QuickLogic revealed that it grabbed a seven-figure contract from a top-tier Defense Industrial Base company for its eFPGA IP targeting the GlobalFoundries' 12LP, 12nm low-power process. The continuous flow of contracts is likely to have aided QuickLogic’s top and bottom-line performances.
What Our Model Says
Our proven model does not conclusively predict an earnings beat for QuickLogic this season. The combination of a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that’s not the case here.
Though QUIK currently carries a Zacks Rank #3, it has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks With the Favorable Combination
Brinker International EAT has an Earnings ESP of +6.40% and sports a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Brinker International is set to report fourth-quarter fiscal 2024 results on Aug 14. The Zacks Consensus Estimate for EAT’s earnings is pegged at $1.65 per share, which indicates growth of 18.7% from the year-ago quarter’s reported figure. Shares of EAT have returned 54.3% in the year-to-date period.
Abercrombie & Fitch ANF has an Earnings ESP of +5.40% and sports a Zacks Rank #1 at present.
Abercrombie & Fitch is slated to report its second-quarter 2024 results on Aug 28. The Zacks Consensus Estimate for ANF’s earnings is pegged at $2.13 per share, which calls for a significant jump of 93.6% from the prior-year quarter’s reported figure. Shares of ANF have returned 66.5% in the year-to-date period.
Affirm AFRM has an Earnings ESP of +19.64% and a Zacks Rank #2 at present.
Affirm is scheduled to release fourth-quarter fiscal 2024 results on Aug 28. The Zacks Consensus Estimate for AFRM’s loss is pegged at 45 cents per share, narrower than the prior-year quarter’s loss of 69 cents. Shares of AFRM have declined 48.2% in the year-to-date period.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Abercrombie & Fitch Company (ANF) : Free Stock Analysis Report
Brinker International, Inc. (EAT) : Free Stock Analysis Report
QuickLogic Corporation (QUIK) : Free Stock Analysis Report
Affirm Holdings, Inc. (AFRM) : Free Stock Analysis Report
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