Maxim Integrated Products, Inc. reported net revenue of $551 million for its second quarter of fiscal 2020 ended December 28, 2019, a 3% increase from the $533 million revenue recorded in the prior quarter, and a 4% decrease from the same quarter of last year. The company posted GAAP net earnings of 53 cents per share.
At the end of the second quarter of fiscal 2020, total cash, cash equivalents and short-term investments were $1.8 billion, down $10 million from the prior quarter. Other items include cash flow from operations of $237 million and capital expenditures of $14 million.
"Our December quarter results met our expectations, while also maintaining lean inventory levels," said Tunc Doluca, President and Chief Executive Officer, in a statement. "Looking forward to the March quarter, we expect a return to revenue growth for the company from the same quarter last year, driven by growth in Communications and Data Center, Industrial and Automotive markets."
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Maxim’s 90-day backlog at the beginning of the March 2020 quarter was $456 million. Based on the beginning backlog and expected turns, the company projects March quarter revenue of $555 to $595 million, gross margin of 65 to 67%, and GAAP earnings per share of 56 to 64 cents.