and provide first quarter. the joining Then financial results Cohu Today, COVID-XX the perspectives how our the later year. discuss guidance I’ll everyone the and Hello, provide thanks for second Jeff for we responding quarter. QX is the of on in us. what for accomplishments to I’ll and rest describe will pandemic, some some expect discuss of
The the customers Malaysia have vendors. partners, our pandemic health strict in has some in our to supply the of implemented including operations policies chain sites our And committed had as Philippines. First our and to Cohu is our and we partners. and safeguard well-being to foremost, Asia of global at COVID-XX Southeast set impact a and such, our and employees, to
quarter imposed have were expected countries first this about challenges, continuity we to manufactured. the of together restrictions set unprecedented million of in lower million to pulled our most the where and are ensure March, these during products $X.X half events. approximately how proud Sales control I’m $XXX Despite these due globally second movement business of of than the in during
Now business QX bookings, on the record mobility consecutive of mostly RF customers devices. more to accelerating driven for details by on of adoption results. our marked the test quarter solutions front-end XG second
for semi for up business an our quarter our affordable at First – strategy cost. instruments high performance tester measurement test was orders year-over-year, validating XX%
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mobile business turret volume, our broad At technology tests, as proprietary the for and product thermal is RF time, processor both as same line from well pick-and-place enabler. Cohu’s handler where our a is with key sales, system benefiting high
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system we stated, quarter semiconductor fourth automotive the of QX, half into an experienced previously As XX% that closing quarter uptick business continued in at late first of in the orders.
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second Now quarter. to turning
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work near-term, Xcerra of our our We manufacturing higher forecast acquisition, XXXX future add to from data network, strong traffic impact to financial related end-market growing remain consolidation completed will and cost networks we benefits and expect structure and demand the quarter in in the new in their support from center bandwidth line enterprises performance reduced with the balance products applications see to computing performance model. as with to this our Although in home. and
we customers should growing on to phones, pause continue spending. gauge a take consumer of In in the impact pandemic expect mobility, content to semiconductor but XG-driven COVID-XX
While expected of in these total are equipment semi compensate are small represent industrial-driven be demand. for medical decline portion in not capital in QX, likely a to a spend to applications and strong segment
the impact, auto Automotive major all by manufacturers is plant closures experiencing greatest negative following worldwide.
computing weakness are of to and network continued gaming by this applications time, later expect the unable driven balance XXXX of the growth in should demand some for digital remain We economy. expanded consoles this the as communication at year, predict XG into to the backbone automotive strong, but that new for the fight rest XXXX countries in year and pickup a accelerate of to control
a inspection with test continuing remains quarter on pandemic and in While the of we demand million entered COVID-XX backlog, uncertain. $XXX impact and the strong approximately the semiconductor short-term second cash
a proactively expenses managing As salary reduction CEO operating result, the capital and XX% cash Executive and to implemented reduction We are to and flow we Officers, to and employees reductions took steps temporary reduce proportionately XX% lower other worldwide. expenditures. a to all
$XX which strengthening dividend. temporary a de-leveraging result is also their approximately in we annualized of The suspending cash board cash Directors of cash million This Board to Our savings, our utilize sheet. to authorized with will our compensation. for Cohu quarterly balance XX% expect reduction participating and
this be in our will and very ahead I’m While future. second the about of challenges excited confident there half year,
and mobility, test is well Cohu positioned computing in PCB semiconductor and network segments.
again we XXXX eventual handler market now, the should segments are weak and in contactor for emerge an these in recovery. industrial are While automotive leader and strong and
Cohu to in strong a simply leaner become on is remains although creates painful, XX% strategy a This focused growth the industry rate compounded outperforming the opportunity crisis path and always our and is growth since annual delivered delay a has company rate. and for XXXX, it faster. also an our
over like I to to our review turn to would results quarter Now it Jeff guidance. second first provide quarter and
