Micron Technology and Broadcom, two of the world’s largest chipmakers, recently reported strong quarterly financial results separately, even amid the devastating impact of COVID-19 on many industries.
Their positive results come as some sectors such as auto integrated circuits have tanked in recent weeks. VLSI analyst Dan Hutcheson called auto chips “the wrecking yard of the IC market” in a report.
Micron Technology on Monday reported revenues of $5.4 billion for the quarter ending May 28, compared to $4.79 billion for the same quarter last year, an improvement of 12%.
Earlier in June, Broadcom reported revenues of $5.7 billion for the quarter that ended May 3, up 4% from $5.5 billion for the same quarter a year earlier.
Micron CEO Sanjay Mehrotra called his company’s results “exceptional” and noted record revenue for SSD sales. Guidance for the company’s fourth quarter is for revenues in the $5.75 billion to $6.25 billion range.
Broadcom CEO Hock Tan its second quarter results were in-line with expectations “and saw limited impact from the effects of COVID-19.” Third quarter guidance calls for a surge in demand for cloud, telecom and enterprise uses for semiconductors, with a “substantial reset in wireless,” he added. Revenues in the third quarter should reach $5.75 billion plus or minus $150 million.