AUSTIN - Silicon Labs (NASDAQ: SLAB) has reported its financial results for the first quarter, ending March 30, 2024, with an adjusted earnings per share (EPS) of -$0.92, slightly outperforming the analyst consensus of -$0.98. Despite the beat, the company's shares are down 1% in premarket trading.
The company's revenue for the quarter stood at $106 million, marginally surpassing the consensus estimate of $105.04 million. Despite the EPS beat, the revenue represents a significant drop from the $246.787 million reported in the same quarter last year.
President and CEO Matt Johnson pointed to strong sequential growth in the first quarter, crediting the improvement to progress in inventory destocking across the company's Home & Life and Industrial & Commercial business units. Johnson remains optimistic about the upcoming quarter as the company anticipates further inventory reduction and improved bookings.
Looking ahead, Silicon Labs expects second-quarter revenue to range between $135 to $145 million. The midpoint of this guidance, $140 million, is yet to be compared with analyst projections as the consensus estimate was not provided. The company also projects a non-GAAP gross margin consistent at 53% and anticipates non-GAAP operating expenses of approximately $102 million. The forecasted non-GAAP diluted loss per share is between -$0.58 and -$0.70.
Silicon Labs has also announced key leadership appointments as part of its strategic growth plan, including Dean Butler as the new CFO and Bob Conrad as Senior Vice President of Worldwide Operations. Radhika Chennakeshavula joins as Chief Information Officer, bringing her expertise to the company's IT operations and digital transformation initiatives.
The company's recent launch of the xG26 family of wireless SoCs and MCUs is designed to address emerging IoT applications, signaling Silicon Labs' commitment to innovation and market leadership in the wireless technology space.
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