- Silicom Ltd SILC reported first-quarter FY21 revenue growth of 31% year-on-year to $29 million, beating the analyst estimate of $28.25 million.
- The first quarter was a period of significant growth in revenues and net profit, driven primarily by continued success in each of the target markets, including SD-WAN for smart platforms and Cloud for smart acceleration and FPGA cards, stated CEO Shaike Orbach.
- The Design Win momentum in the 5G O-RAN market has been especially strong, as demonstrated both by the recent strategic wins with top-tier telcos and discussions with numerous telco, cloud, and related OEM players of all sizes, added Orbach.
- Orbach remains optimistic towards growing 5G momentum and continued strength in expanding SD-WAN and Cloud markets fueled by the powerful mobile infrastructure transition.
- Non-GAAP net income rose 30.4% to $3 million. Adjusted EPS of $0.42 beat analyst consensus of $0.35.
- The company held $39.1 million in cash and equivalents. The board has authorized a new one-year share repurchase plan of up to $15 million.
- Guidance: Q2 revenue estimate lies between $29 to $30 million, above the analyst estimate of $27.19 million.
- Price action: SILC shares traded higher by 1.63% at $44.76 on the last check Thursday.
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