Power Integrations Inc (POWI)

Shares of Power Integrations (POWI) dropped by 6.86% from $75.20 to $70.04 in the trading on Wednesday, Novemeber 8, 2023. The reasons why POWI down is due to earnings miss and revenue lag: Power Integrations reported adjusted earnings of 46 cents per share for the third quarter of 2023, missing the Zacks Consensus Estimate by 4.17% and representing a 45.2% year-over-year decrease. Net sales for the quarter decreased 21.7% year over year to $125.5 billion, which also lagged behind the consensus estimate by 4.01%. The decline in revenues was primarily attributed to the slow growth of the appliance market, which constitutes one-fourth of POWI's sales, along with other industrial markets.