Wed, Apr. 22, 7:12 PM
- In addition to missing FQ4 revenue estimates (while beating on EPS), Xilinx (NASDAQ:XLNX) is guiding for FQ1 revenue to be flat to down 4% Q/Q. That implies a range of $544.2M-$566.9M, below a $584.8M consensus.
- Hurting FQ4 sales: Telecom/data center chip revenue (39% of total revenue) fell 7% Q/Q and 26% Y/Y; Texas Instruments just cited telecom infrastructure weakness (particularly for mobile gear) as a reason for its Q1 sales miss and soft Q2 guidance. Industrial, aerospace, & defense revenue (42% of total) fell 7% Q/Q (seasonality) but rose 13% Y/Y. Broadcast, consumer, & automotive (17% of total) rose 12% Q/Q and 6% Y/Y.
- Helping EPS beat estimates: Gross margin was 69.9%, up 230 bps Y/Y and above guidance of 68%-69%. FQ1 GM guidance is at 69%-70%. Also boosting EPS: $175M was spent on buybacks, even with FQ3.
- Xilinx has fallen to $42.89 AH. Archrival Altera (NASDAQ:ALTR), which reportedly rejected a $54/share Intel buyout offer, has dropped to $42.25 ahead of tomorrow's Q1 report. Piper downgraded Altera to Neutral earlier today, citing valuation.
- Xilinx's FQ4 results, PR
Wed, Apr. 22, 4:26 PM
Tue, Apr. 21, 5:35 PM| 6 Comments
Wed, Jan. 21, 5:31 PM
- On top of missing FQ3 revenue estimates (while beating slightly on EPS), Xilinx (NASDAQ:XLNX) is guiding for FQ4 revenue to be down 2%-6% Q/Q. That implies a range of $557.9M-$581.6M, well below a $635.4M consensus.
- The FPGA vendor blames its FQ3 revenue miss on weak broadcast and telecom market sales. Many chipmakers and optical component vendors have seen telecom-related sells pressured by soft industry capex.
- Gross margin was 69.7%, -220 bps Q/Q but +50 bps Y/Y and above guidance of 69%. That contributed to the EPS beat, as did $175M worth of buybacks. GAAP opex rose 10% Y/Y to $223.9M, exceeding revenue growth of 1%.
- Segment performance: Telecom & data center revenue (41% of total) -7% Y/Y. Industrial, aerospace, & defense (43% of revenue) +18%. Broadcast, consumer, and automotive (14% of revenue) -9%. Everything else (2% of revenue) -39%. 28nm chip sales rose nearly 20% Q/Q.
- Altera (NASDAQ:ALTR) is following Xilinx lower. Its Q4 report arrives tomorrow afternoon.
- FQ3 results, PR
Wed, Jan. 21, 4:29 PM
Tue, Jan. 20, 5:35 PM
Nov. 26, 2014, 2:52 PM
- Chip stocks are outperforming after Analog Devices (ADI +5.2%) beat FQ4 estimates and offered in-line FQ1 guidance. The Philadelphia Semi Index (SOXX +1.9%) has made new highs.
- Notable gainers include many analog/mixed-signal and telecom IC firms: TXN +3%. LLTC +2.7%. SMTC +3.1%. ISIL +3.3%. SWKS +3.7%. AVGO +2.9%. OVTI +3.2%. FSL +3.1%. EZCH +2.5%. XLNX +2.3%. ALTR +2.1%. MX +4.3%. PMCS +2.7%. BRCM +2%.
- On its CC (transcript), ADI noted its telecom equipment chip sales are holding up well in spite of weak capex, aided by the fact its dollar content for 4G base stations is "at least 20% to 30% better" than for 3G base stations. The company also mentioned its lead times were stable in FQ4.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Oct. 16, 2014, 4:42 PM
- Xilinx (NASDAQ:XLNX) expects FQ3 revenue to be flat to up 4% Q/Q. While the midpoint of the implied range ($604.3M-$628.5M) is below a $623.1M consensus, expectations were low following Microchip's warning (Cypress can relate).
- Telecom & data center revenue (hurt by weak wireline telecom capex) -19% Q/Q and -4% Y/Y in FQ2. But industrial, aerospace, & defense +28% Q/Q and +8% Y/Y. Broadcast, consumer, & auto -5% Q/Q and -6% Y/Y. Everything else -4% Q/Q and +12% Y/Y.
- Gross margin was 71.9%, +280 bps Q/Q and above guidance of 70%. Xilinx expects GM to fall to ~69% in FQ3.
- $200M was spent on buybacks, providing a lift to EPS. R&D spend +11% Y/Y to $138.4M; SG&A -3% to $93.9M.
- Archrival Altera (NASDAQ:ALTR) is following Xilinx higher. Its Q3 report arrives on Oct. 23.
- FQ2 results, PR
Oct. 16, 2014, 4:21 PM
Oct. 15, 2014, 5:35 PM
Jul. 23, 2014, 12:25 PM
- Among the year's best tech performers, chip stocks are selling off (SOXX -1.8%) on an up day for the Nasdaq following weak numbers from FPGA giant Xilinx (XLNX -14.5%).
- Xilinx missed FQ1 revenue estimates by over $18M, and also guided for FQ2 revenue to be well below consensus. The company blamed the FQ1 shortfall on soft defense and wireless sales. BMO and BofA/Merrill have downgraded Xilinx; the former thinks Xilinx's 28nm share might be peaking.
- Xilinx stated on its CC (transcript) the wireless weakness was mostly due to soft 28nm chip sales to Chinese 4G base station vendors; Chinese 4G rollouts have long been viewed as a catalyst for both Xilinx and Altera (ALTR -4.7%). Aerospace/defense sales were hurt by program timing issues.
- Meanwhile, switch/router vendor Juniper offered light Q3 guidance to go with a Q2 beat. The company noted on its CC (transcript) "market dynamics" for U.S. carriers, including M&A activity, are affecting project rollouts.
- Also: Analog/mixed-signal IC vendor Linear (LLTC -4.1%) is selling off in spite of beating FQ4 estimates and guiding in-line (8%-11% Y/Y FQ1 rev. growth vs. 9.1% consensus).
- Notable decliners: FSL -5.3%. IDTI -6.4%. EZCH -3.3%. PMCS -4.3%. LSCC -6.8%. CAVM -4.7%. SMTC -4.1%. ATML -3.2%. TQNT -3.1%. RFMD -2.9%. IRF -2.9%.
- Qualcomm, NXP, TriQuint, and Cirrus Logic report after the bell.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Jul. 22, 2014, 5:13 PM
- In addition to missing FQ1 revenue estimates by $18.8M, Xilinx (NASDAQ:XLNX) is guiding for FQ2 revenue to be flat to down 4% Q/Q. The consensus is for revenue $644.5M, 5% above FQ1 levels.
- Xilinx attributes the FQ1 weakness to soft sales to defense and wireless clients.
- Industrial, aerospace, & defense sales (31% of revenue) -9% Q/Q and -11% Y/Y, telecom & data center (50% of revenue) +1% Q/Q and +20% Y/Y, broadcast, consumer, & automotive (16% of revenue) +5% Q/Q and +3% Y/Y, everything else (3% of revenue) +39% Q/Q and +11% Y/Y.
- Gross margin +150 bps Q/Q to 69.1%, and above guidance of 68.1%. Xilinx expects an FQ2 GM of 70%. $100M was spent on buybacks.
- Altera (NASDAQ:ALTR) is following Xilinx lower.
- FQ1 results, PR
Jul. 22, 2014, 4:21 PM
Jul. 21, 2014, 5:35 PM
Apr. 24, 2014, 5:29 PM
- Altera (ALTR) expects FQ2 revenue to grow 2%-6% from an FQ1 level of $461.1M. That implies a range of $470M-$488.8M, above a $461.3M consensus.
- The FPGA maker suggests stronger-than-expected sales related to Chinese 4G deployments contributed to its FQ1 beat. Telecom & wireless revenue (45% of sales) grew 14% Q/Q and 23% Y/Y, and Asia-Pac revenue 6% Q/Q and 24% Y/Y.
- Those numbers offset weakness in networking, computer, & storage (-20% Q/Q and -7% Y/Y), as well as the Americas (-17% Q/Q and -13% Y/Y). Other areas of strength included industrial, military, and automotive (+13% Y/Y, 22% of revenue), EMEA (+11%), and Japan (+18%).
- Shares +4% AH. Rival Xilinx (XLNX), which often moves in tandem with Altera, is up just 0.5% after falling 9.1% in regular trading due to its light FQ1 guidance. Altera fell only 0.6% in regular trading after initially showing steeper losses.
- Altera is expected to see 13.7% Y/Y June quarter revenue growth at its guidance midpoint, and Xilinx 10.5% growth.
- FQ1 results, PR
Apr. 23, 2014, 6:41 PM
- Texas Instruments (TXN) expects Q2 revenue of $3.14B-$3.4B and EPS of $0.55-$0.63, largely above a consensus of $3.15B and $0.52. Shares +3.4% AH. (Q1 results, PR)
- Xilinx (XLNX) expects FQ1 revenue to be flat to up 4% from an FQ4 level of $617.8M. That implies a midpoint of $630.2M, below a $638.4M consensus. Shares -5.1% AH. Rival Altera (ALTR) -4% ahead of tomorrow's FQ1 report. (FQ4 results, PR)
- ServiceNow (NOW) expects Q2 revenue of $160M-$162M and full-year revenue of $652M-$657M, above consensus forecasts of $156.7M and $644.2M. Shares -1.6% AH. (Q1 results, PR)
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