Semiconductor Industry Association Data Shows April Sales Are Above Seasonal on Higher Units, Goldman Sachs Reports

April sales of integrated circuits (ICs) excluding memory declined 21% mom, “better than typical seasonality of down 26% mom, according to data from the Semiconductor Industry Association (SIA),” Goldman Sachs writes. “Strength in analog and processors was partly offset by weakness in microcontrollers and digital signal processors. IC units ex. Memory were down 8% mom (vs. typical seasonality of down 13%) while ASPs fell 14% mom (in-line seasonality). “We believe the unit strength is consistent with management commentary that April was stronger as customers added buffer inventory post the earthquake. While April data was above seasonal, we estimate that management guidance implies that 2Q11 units will be up 3 to 7% qoq, below typical seasonality of up 7%. Assuming units are up 3 to 7%, we estimate 2Q shipments will be between 3% below and 1% above trendline, compared to 5% below trendline through April.”