Cohu, Inc (NASDAQ:COHU) stock is trading lower after the company reported a second-quarter net sales decline of 22.2% year-on-year to $168.92 million, marginally beating the consensus of $165.95 million. Non-GAAP EPS of $0.48 beat the consensus of $0.43.
The non-GAAP gross margin expanded 130 bps to 47.8%. The company held $372.3 million in cash and equivalents.
“Second quarter gross margin and profitability were strong driven by a resilient recurring business model which has achieved a 3-year compound revenue growth rate of 7%,” said Cohu President and CEO Luis Müller.
“We are focused on expanding our product portfolio and winning new customer applications, positioning the company to deliver revenue growth when market conditions improve.”
Cohu expects Q3 sales of $150 million, which lags the consensus of $174.66 million.
Price Action: COHU shares traded lower by 5.35% at $40.53 on the last check Thursday.
