Shares of Alpha and Omega Semiconductor (AOSL 1.11%) were soaring today after the company reported better-than-expected earnings and revenue in the company's fourth quarter and issued guidance that was above Wall Street's expectations.
The semiconductor stock was up by 11.1% as of 12:16 p.m. ET.
Alpha and Omega's (AOS) sales jumped 9.4% from the year-ago quarter to $194 million. That was good enough to beat analysts' average estimate of $190 million. The semiconductor company's non-GAAP earnings per share of $0.95 were flat compared to the year-ago quarter but easily outpaced Wall Street's consensus estimate of $0.86 for the quarter.
AOS also reported its full-year financial results, with sales rising 18.3% from 2021 and non-GAAP earnings jumping 55.6% to $4.56 per share.
AOS CEO Dr. Mike Chang said in a press release: "Our fiscal Q4 was another strong quarter, despite the challenge posed by the COVID lockdown in Shanghai. Once again, we outperformed our guidance midpoint."
Chang said that while the company's ability to assemble and ship products in April was limited because of COVID-related lockdowns in Shanghai, AOS' facilities are mostly back to normal and "currently operating at full capacity."
The company believes that it will be able to continue growing as AOS taps into the growing need for semiconductor chips. Chang said that "electrification of everything is just getting started" and that the company is focused on achieving its $1 billion annual revenue target "in the next couple of years."
Investors were not only pleased with the company's latest results, but they were also happy to see that AOS' management set first-quarter revenue guidance of $210 million at the midpoint, which was ahead analysts' consensus estimate of $209.9 million.