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Monolithic Power rides on the AI wave, projects strong first quarter

(Reuters) - Monolithic Power Systems forecast current-quarter revenue above estimates as demand for its power control modules and other hardware used in artificial intelligence applications grew.

Shares of the Kirkland, Washington-based company rose 6.1% in trading after the bell.

Monolithic Power, which makes power control modules used in servers and data centers, is set to benefit from the growing demand for artificial intelligence tools.

Analysts expect the anticipated AI boom will help the company offset poor demand in its other segments- Automotive and Industrials.

The company expects its first-quarter revenue between $437 million and $457 million, compared with estimates of $430.8 million.

Revenue for the fourth quarter was $454 million, above the analysts' average estimate of $452.1 million, according to LSEG data. Sales in the company's largest segment, enterprise data, rose to $128.9 million in the December quarter from $68.4 million a year earlier. The company reported a profit of $2.88 per share in the last three months of the year, while analysts expected a net income of $2.85 per share.

(Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid)