Shares of Power Integrations Inc. (NASDAQ: POWI), a designer, developer, manufacturer and marketer of high-voltage, analog and mixed-signal integrated-circuit (IC) products and high-voltage silicon diodes, are soaring in trading today after the company reported its fourth-quarter financial results.
For the fourth quarter ended December 31, 2012, POWI reported net revenues of $79.2 million, up 19% over the same period in the previous year. The company’s GAAP net income for the quarter was $9.7 million, or $0.33 per share, compared to a net income of $0.22 per share reported for the same period in the previous year.
Balu Balakrishnan, President and CEO of Power Integrations, said that bookings improved moderately over the course of the fourth quarter, resulting in higher-than-expected quarterly revenues of $79.2 million. Balakrishnan said that the company’s non-GAAP gross margin is up five percentage points from a year ago, contributing to a 62% increase in non-GAAP earnings per share in the fourth quarter.
POWI shares rose to an intra-day high of $43.19 in trading today. At last check, the stock was trading 10.27% higher at $42.10 on above average volume of 610,848.
Shares of Baidu.com Inc. (ADR) (NASDAQ: BIDU), operating as a Chinese language internet search provider for web pages, audio files, news, images, and multimedia through links provided on their website, are down sharply in trading today after the company reported its fourth-quarter financial results.
For the fourth quarter of 2012, the China-based company reported total revenue of RMB6.335 billion ($1.017 billion), which represents an increase of 41.6% over the same period in the previous year. Operating profit for the fourth quarter of 2012 was RMB2.848 billion ($457.1 million), up 24% over the same period in the previous year. The company’s net income for the fourth quarter of 2012 was RMB2.795 billion ($448.7 million), up 36.1% over the same period in the previous year.
Robin Li, Chairman and CEO of Baidu, said that the company made encouraging progress in 2012, integrating its superior search and search-related products and functions, like maps and image recognition, into its offering.
Baidu shares fell to an intra-day low of $95.30 in trading today. At last check, the stock was trading 10.79% lower at $95.63 on above average volume of 11.97 million.
Shares of Computer Sciences Corporation (NYSE: CSC), a Falls Church, Virginia-based company engaged in the information technology (IT) and professional services industry, are soaring in trading today after the company reported its third-quarter financial results.
For the third quarter of fiscal 2013, CSC reported diluted earnings per share of $3.27, compared to a diluted loss per share of $8.96 reported for the same period in the previous year. The company’s operating income for the quarter was $268 million.
Mike Lawrie, President and CEO of Computer Sciences, said that the company’s turnaround is tracking to plan and the company is transitioning to its new operating model. Lawrie said that the company’s cost takeout initiatives are yielding results as demonstrated by higher profit margins in all three lines of business when compared with the prior year.
CSC shares rose to a 52-week high of $46.61 earlier today. At last check, the stock was trading 10.74% higher at $46.41 on above average volume of 2.29 million.
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