- Automotive revenue was $733 million, down 4% sequentially, driven by weakness in America and Europe but offset by strength in China.
- Cash and short-term investments totaled $2.8 billion with total liquidity of $4 billion.
- Free cash flow was $106 million, down sequentially due to working capital timing but year-to-date free cash flow margin remains on track at 19% of revenue.
- GAAP and non-GAAP gross margin was 37.6%, above midpoint guidance, with manufacturing utilization flat at 68% post capacity impairment.
- GAAP diluted EPS was $0.41, non-GAAP diluted EPS was $0.53, both down from prior year due to market conditions.
- GAAP operating expenses were $359 million, down from $396 million a year ago; non-GAAP operating expenses were $298 million, down $17 million sequentially but above midpoint guidance due to restructuring delays.
- GAAP operating margin was 13.2%, non-GAAP operating margin was 17.3%.
- Industrial revenue increased 2% sequentially, with traditional industrial slightly down but medical and aerospace/defense growing.
- Inventory days decreased by 11 days to 208 days, with base inventory healthy at 121 days excluding strategic builds.
- Other revenue, including AI data center, increased 16% quarter-over-quarter and nearly doubled year-over-year.
- Q2 revenue was $1.47 billion, exceeding the midpoint of guidance and up 1.6% sequentially.
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