Monolithic Power Systems, Inc. MPWR reported second-quarter 2021 non-GAAP earnings of $1.81 per share, which beat the Zacks Consensus Estimate by 7.1%. The bottom line increased 67.6% on a year-over-year basis.Revenues of $293.3 million rose 57.5% from the year-ago quarter’s figure and surpassed the Zacks Consensus Estimate by 4.5%. On a sequential basis, the top line surged 15.3%. The reported figure was also above the higher end of management’s guidance of $274-$286 million.Strong demand across each of the segments, along with incremental investment in production capacity and a diversified multi-market strategy drove year-over-year growth.Monolithic Power Systems, Inc. Price, Consensus and EPS Surprise Monolithic Power Systems, Inc. price-consensus-eps-surprise-chart | Monolithic Power Systems, Inc. QuoteQuarter in DetailRevenues by Product FamilyRevenues in the DC to DC segment (95.1% of total revenues) soared 58.3% year over year to $278.8 million. Lighting Control (4.9% of total revenues) revenues rallied 43.7% to $14.5 million.Revenues by End MarketComputing & Storage (29.9% of total revenues) revenues increased 36.9% year over year to $87.7 million. The market’s robust performance was driven by increases in market share for servers, solid uptick in storage and high-end notebooks on growing clout of cloud computing.Consumer (25.9%) revenues surged 59.7% from the year-ago quarter’s levels to $76.1 million, reflecting gains from continued demand for new gaming consoles.Automotive (16.6%) revenues were $48.7 million, up 173.9% from the prior-year quarter’s figure. The company continued sales growth in infotainment products.Industrial (14.8%) revenues surged 62.9% to $43.3 million, courtesy of higher sales of power source applications’ products.Communications (12.8%) revenues advanced 24.5% to $37.5 million. The end-market gained from robust uptick in networking and wireless applications’ sales.Margins in DetailNon-GAAP gross margin expanded 60 basis points (bps) from the year-ago quarter’s level to 56.3% due to lower overhead costs. Management had predicted the figure between 55.5% and 56.1%.Non-GAAP operating expenses amounted to $70.3 million during the reported quarter, up 38.8% year over year. As a percentage of revenues, the figure contracted 320 bps on a year-over-year basis to 24%.Non-GAAP operating income climbed 79% year over year to $94.9 million. Non-GAAP operating margin (as a percentage of revenues) expanded 390 bps from the year-ago quarter’s level to 32.4%.Balance Sheet & Cash FlowAs of Jun 30, 2021, cash, cash equivalents and investments were $672.9 million, compared with $641.6 million reported as of Mar 31, 2021.Monolithic Power generated operating cash flow of $96.9 million compared with $77.1 million in the prior quarter. Capital spending totaled $39.3 million in the second quarter.GuidanceFor third-quarter 2021, the company projects revenues between $309 million and $321 million. The Zacks Consensus Estimate for revenues is currently pegged at $296.6 million, which indicates growth of 14.3% from the year-ago quarter’s reported figure.Management anticipates non-GAAP gross margin between 57.6% and 58.2%.Zacks Rank & Other Stocks to ConsiderCurrently, Monolithic Power carries a Zacks Rank #2 (Buy).Some better-ranked stocks worth considering in the broader technology sector are Avnet AVT, CyberArk Software CYBR and Fortinet FTNT. Avnet, and CyberArk sport a Zacks Rank #1 (Strong Buy) while Fortinet carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here.Fortinet is scheduled to report earnings on Jul 29 while Avnet and CyberArk are scheduled to release earnings on Aug 11, and Aug 12, respectively.Long-term earnings growth rate for CyberArk, Avnet and Fortinet is currently pegged at 12.1%, 22.7%, and 14.3%, respectively. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avnet, Inc. (AVT): Free Stock Analysis Report Monolithic Power Systems, Inc. (MPWR): Free Stock Analysis Report Fortinet, Inc. (FTNT): Free Stock Analysis Report CyberArk Software Ltd. (CYBR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research