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AOSL Q1 FY2025 Pre-Earnings: Looking for Growth in December from Key Customers
Alpha & Omega Semiconductor will release its Q1 FY2025 results today. AOSL is expected to become a new GB200 supplier for Nvidia and to start shipments by the end of this year. Although AOSL does not call out Nvidia specifically on the earnings call, the announcement in June helps us infer that it’s likely Nvidia being spoken about on the call. The other catalyst is AOSL tie-ins to Intel’s Meteor Lake CPU and possible launch on its upcoming Panther Lake platform, as well as its position in development stages for AMD’s FP11 platform, positioning it for strong growth in this space. Analysts expect FQ1 revenue to decline (-0.3%) YoY to $180.07 million, before it accelerates to 6.3% YoY growth in the December quarter, and further accelerates to 14.7% in the March quarter. Alpha and Omega’s four key segments recorded sequential growth in FQ4, with management saying this “broad-based” rebound “confirmed the inventory correction is largely complete.” They noted that PCs are “taking longer to recover than originally expected,” though sequential growth is still expected in the September quarter due to seasonal strength. Management has guided sequential growth in the four key segments for FQ1.
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