A month has gone by since the last earnings report for Monolithic Power (MPWR). Shares have added about 1.7% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Monolithic due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Monolithic Power Q1 Earnings & Revenues Beat EstimatesMonolithic Power Systems, Inc. reported first-quarter 2021 non-GAAP earnings of $1.46 per share, which beat the Zacks Consensus Estimate by 9.77%. Notably, the bottom line improved 53.7% on a year-over-year basis.Revenues of $254.5 million climbed 9.2% from the year-ago quarter’s figure and surpassed the Zacks Consensus Estimate by 5.09%. On a sequential basis, the top line surged 53.5%. The reported figure was also above the higher end of management’s guidance of $236-$248 million.Strong demand across each of the end-markets, and a diversified multi-market strategy drove year-over-year growth. The company has been benefiting from robust adoption of new product introductions, which resulted in broad-based market share gains.Management noted that new products introduced in the last three years contributed to 37% of first-quarter 2021 revenues. Momentum in new product adoption is paving the way for accelerated growth.Quarter in DetailsRevenues by Product FamilyRevenues in the DC to DC segment (94.9% of total revenues) soared 53.9% year over year to $241.4 million. Moreover, Lighting Control (5.1% of total revenues) revenues improved 46.3% to $13 million.Revenues by End MarketComputing & Storage (26% of total revenues) revenues increased 29.9% year over year to $67.5 million. The market’s robust performance was driven by broad-based sales strength, solid uptick in storage, and high-end notebooks on growing clout of cloud computing.Consumer (26%) revenues rallied 77.1% from the year-ago quarter to $66.2 million, reflecting gains from increase in overall demand of wearables, gaming consoles, and home-focused IoT applications. Also, improvement of the company’s new mobile device charging IC aided performance.Industrial (16%) revenues surged 57.7% to $39.8 million courtesy of broad-based gains across all the company’s major product groups. Strong performance of power devices remains a tailwind.Automotive (18%) revenues were $44.9 million, up 92.5% from the prior-year figure. The company continued sales growth in infotainment, safety and connectivity application products. Further, momentum in new products introduced in 2021 aided results and is expected to boost performance in the quarters ahead.Communications (14%) revenues advanced 29.4% to $36.1 million. The end-market gained from robust uptick in networking and wireless gateway home router sales.Margins in DetailNon-GAAP gross margin expanded 30 basis points (bps) from the year-ago quarter’s level to 55.8%. Management had predicted the figure between 55.4% and 56%.Non-GAAP operating expenses amounted to $66.2 million during the reported quarter, up 43.8% year over year. As a percentage of revenues, the figure expanded 180 bps on a year-over-year basis to 27.3%.Non-GAAP operating income climbed 65.1% year over year to $ 75.8 million. Non-GAAP operating margin (as a percentage of revenues) expanded 210 bps from the year-ago quarter’s level to 29.8%.Balance Sheet & Cash FlowAs of Mar 31, 2021, cash, cash equivalents and short-term investments were $641.6 million, compared with $598 million reported as of Dec 31, 2020.Monolithic Power generated operating cash flow of $77.1 million compared with $79.6 million in the prior quarter. Notably, capital spending totaled $19 million in the first quarter.Q2 GuidanceFor second-quarter 2021, the company projects revenues between $274 million and $286 million. Management anticipates non-GAAP gross margin between 55.5% and 56.1%.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates revision. The consensus estimate has shifted 17.98% due to these changes.VGM ScoresCurrently, Monolithic has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Monolithic has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.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 Monolithic Power Systems, Inc. (MPWR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research