Hot Tech stock to watch: Integrated Device Technology Inc (NASDAQ: IDTI) stock

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Integrated Device Technology Inc (NASDAQ: IDTI)  posted better than expected results for the second quarter of 2019. Non-GAAP net income for the fiscal second quarter of 2019 is of $63.5 million compared with non-GAAP net income of $60.1 million last quarter, and non-GAAP net income of $48.2 million reported in the same period one year ago. Non-GAAP gross profit for the fiscal second quarter of 2019 was $151.2 million, or 64.2 percent, compared with non-GAAP gross profit of $144.8 million, or 63.4 percent last quarter, and $125.5 million, or 61.4 percent, reported in the same period one year ago.

ITDI in the second quarter of FY 19 has reported the adjusted earnings per share of 47 cents, beating the analysts’ estimates for the adjusted earnings per share of 45 cents, as per Zacks Investment Research. The company had reported the adjusted revenue of $235.5 billion in the second quarter of FY 19, beating the analysts’ estimates for revenue of $234.1 million.

IDTI has announced a strategic partnership with Steradian Semiconductor Pvt. Ltd (Bangalore, India) to deliver ultra-high resolution 4D mmWave imaging RADAR for emerging industrial, security, medical, and autonomous vehicle markets. The SenseVerse IC is a multi-channel high-resolution MIMO RADAR device that operates in the 76-81 GHz frequency band offering superior interference performance and the highest number of channels per device in the industry. IDTI announced that NEXCOM, a global provider of IoT automation solutions and cloud-enabled services, selected IDT’s distributed power management ICs for numerous industrial, factory automation and IoT products, such as industrial PCs, high-performance point-of-sales (POS) terminals and IP cameras. IDT is enabling its customers to design and create new products for improving indoor air quality with the introduction of its latest firmware for its ZMOD family of integrated gas sensors

Moreover, ITDI announced that its innovative wireless charging solutions are used in the new Samsung Galaxy Note9 smartphone and Galaxy Watch. IDT also announced that its start-of-the-art, high-efficiency wireless power technology is at the heart of Samsung’s new Duo wireless charger pad, the first capable of fast charging two Samsung smartphones simultaneously. The Duo was recently introduced as part of Samsung’s launch of its new Galaxy Note9 smartphone and Galaxy smartwatch, which the Duo can charge simultaneously. The Duo can also charge any other smartphone certified to the Wireless Power Consortium’s (WPC) popular Qi® charging protocol.

 

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