SINGAPORE – Kulicke & Soffa Industries reported second quarter net revenue of $340.2 million, up 125.7% year-over-year and 27% sequentially.

For the quarter ended Apr. 3, net income was $71.3 million, up 499.2% compared to the same quarter in 2020, an increase of 47.3% sequentially.

Income from operations was $83.1 million, up 648.6% compared to the second quarter last year and up 53.9% compared to the prior month.

Due to ongoing global supply chain challenges and strong business conditions, the company incurred expediting fees and spot purchases of $4.9 million during the quarter.

"Demand continues to be strong for our solutions and is supported by structural dynamics, including the increasing global reliance on semiconductors and the increasing capital intensity within the semiconductor assembly process,” said Fusen Chen, Kulicke & Soffa's president and CEO. “These improving dynamics, combined with our ongoing strategic execution in supporting technology change for leading-edge applications and also for the display market, provide many new opportunities for shareholder value creation."

Cash, cash equivalents, and short-term investments were $564.3 million as of Apr. 3.

Recent supply chain mitigation efforts have increased the firm’s outlook into the second half of the year. The company currently expects net revenue in the third quarter ending July 3 to be approximately $400 million +/- $20 million.

"Our global operations and R&D teams have aggressively worked to mitigate supply chain constraints within our control. While ongoing challenges remain, these efforts have allowed us to further support our customers during this period of industry growth and increase our outlook into the second fiscal half."

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