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Friday, June 6, 2008

National Semiconductor (NSM) 4Q:2008 results

Surprising the street, National Semi put up a slight revenue beat to consensus with a big leap in gross margins to 65.9%, the first time they've broken above the 65% threshold. Revenues for next quarter will be 460-475mm, which also raises consensus estimates for next quarter. They guided their longer-term gross margin range to 65-70%. The company continues to execute very well despite a backdrop of slower wireless handsets and uncertain world economies. Handsets barely grew sequentially, the upside came from wireless amplifiers and power management.

I had expected the slower wireless business to interrupt their expansion. I guess not. The chart suggests the stock goes up another couple of points from here to 26.5ish.

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