The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Christopher Rolland - Susquehanna Financial Group LLLP - Analyst
: Congrats on the quarter. I guess, first of all, road maps and time lines for new products. Have you guys pulled any in or moved any out? And I think
you have a broad markets chip coming. Perhaps you could talk about your expectations for that chip in the near term?
Question: Christopher Rolland - Susquehanna Financial Group LLLP - Analyst
: Excellent. Thank you, Michael. Also perhaps a follow-up on the Core IoT funnel, seems like great growth there, great revenue CAGR, 25% to 30%
over the next five years, really strong there. Perhaps you can put a finer point on growth. Where is it coming from?
How much is Wi-Fi, how much is Bluetooth, how much is processors? Just kind of work up where you're maybe most excited and where you think
like needle-moving growth is really going to be coming from here to track to that 25% to 30%.
Question: Christopher Rolland - Susquehanna Financial Group LLLP - Analyst
: Excellent. That AI product sounds really cool too.
Question: Kevin Cassidy - Rosenblatt Securities, Inc. - Analyst
: Congratulations on the great results. Maybe my question is along the same line as Chris'. The Wi-Fi 7, as you're coming into that market, how would
you compare that upgrade cycle to past Wi-Fi upgrade cycles? Are you getting more pull on that? Maybe just give a description of what's happening
in that market.
Question: Kevin Cassidy - Rosenblatt Securities, Inc. - Analyst
: Okay. Great. And so as long as you're showing your customer product road map for upgrades, they stay with you through the cycles.
Question: Kevin Cassidy - Rosenblatt Securities, Inc. - Analyst
: Okay. Great. Maybe for just a little more detail, what are your end-market exposures as far, say, consumer, the IoT Wi-Fi in consumer maybe in the
home, versus industrial? It seems in this earnings period that industrial has still been weak and maybe home is getting better. But I'd like to hear
what you see is happening in the end-market.
Question: Krish Sankar - TD Cowen - Analyst
: Michael, one is you had nice sequential revenue growth this year every quarter. So as you look into March quarter, do we expect seasonality to
impact this revenue growth cadence? Or do you think there are any green shoots that can help avoid the seasonality in March?
Question: Krish Sankar - TD Cowen - Analyst
: Got it. And then just a quick follow-up, you spoke a lot about the Wi-Fi 7. I'm kind of curious how to think about the ASP and gross margin differential
Question: Quinn Bolton - Needham & Company Inc.Needham & Company Inc. - Analyst
: I just wanted to start, kind of a follow-up to that green shoot question. You saw 3% growth, I think it was, quarter-to-quarter in Enterprise. And it
sounded like you might be starting to see signs of demand stabilization or at least maybe perhaps a better outlook. And wondering if you could
just expand on what you're seeing in enterprise IT. Are you seeing corporate IT budgets starting to firm?
And then the second question is, can you just describe what you're seeing on -- or in the general pricing environment across the processor and
the wireless segments? Is it stable? Are you starting to see some pricing pressure, especially from Asia competitors?
Question: Peter Peng - JPMorgan - Analyst
: Congratulations on the strong guidance. It sounds like Enterprise is starting to finally move in the right direction. How would you kind of think
about the recovery profile of this? Does this kind of follow how we would observe in the Core IoT? Do you think this is more muted?
And then what kind of margin implications does this have given that this is a higher-margin segment?
Question: Peter Peng - JPMorgan - Analyst
: Great. My follow-up is on -- and thanks for disclosing your funnel for your Astra platform. Maybe if you can perhaps provide some color in terms
of your customer engagement. How broad is it? Is there any geographic concentration?
Maybe you could give us some more color on that.
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