On July 31, Monolithic Power rose 14.59% in regular trading, trading at $1,507.55/share, with turnover of $3.14 billion. The surge was directly catalyzed by the company's Q2 earnings report released after market close on July 30, which significantly beat expectations across all key metrics.

Specifically, Q2 adjusted EPS came in at $6.50, beating the consensus estimate of $5.87 by 10.73% and representing a 54.39% year-over-year increase from $4.21. Revenue reached $980.6 million versus the $903.3 million estimate, up from $664.6 million a year earlier. Adjusted gross margin was 55.6%, with adjusted operating income at $367.7 million. More importantly, Q3 revenue guidance of $1.14 billion to $1.16 billion vastly exceeded the analyst consensus of $986.8 million. Additionally, the board approved an extra $500 million for share repurchases, bringing total authorization to $1 billion. Wells Fargo subsequently raised its price target to $1,800 from $1,700, maintaining an Overweight rating.

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