AUSTIN – Silicon Labs (NASDAQ: SLAB) reported financial results for the first quarter ended March 30, 2024, with adjusted earnings per share (EPS) of -$0.92, slightly beating analyst consensus of -$0.98. Despite the decline, the company’s shares fell 1% in premarket trading.
The company posted revenue of $106 million for the quarter, slightly beating the consensus estimate of $105.04 million. Despite the strong EPS, revenue represented a significant decline from the $246.787 million reported in the same quarter last year.
President and CEO Matt Johnson noted strong sequential growth in the first quarter, noting improved inventory reduction progress in the company’s Home & Living and Industrial & Commercial divisions. Johnson remains optimistic about the coming quarter as the company expects further inventory reductions and improved order quality.
Looking ahead, Silicon Labs expects second-quarter revenue to be between $135 million and $145 million. The midpoint of this forecast, $140 million, has not yet been compared to analyst forecasts as a consensus estimate has not been provided. The company also projects non-GAAP gross margin of 53% and expects non-GAAP operating expenses to be approximately $102 million. Non-GAAP diluted loss per share is projected to range from -$0.58 to -$0.70.
Silicon Labs also announced key executive appointments as part of its strategic growth plan, including Dean Butler as new chief financial officer and Bob Conrad as senior vice president of global operations. Radhika Chennakeshavula joins as Chief Information Officer, bringing her expertise to the company’s IT operations and digital transformation initiatives.
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The company’s recent launch of the xG26 family of wireless SoCs and MCUs is designed to address emerging IoT applications, demonstrating Silicon Labs’ commitment to innovation and market leadership in wireless technologies.
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