Silicon Labs 'Still In Early Stages Of Recovery,' CEO Says Citing Sharp Revenue Drop

Zinger Key Points
  • Silicon Labs CEO Matt Johnson expects revenue growth to "accelerate" in Q2.
  • The company anticipates Q2 revenue between $135 million and $145 million.

Silicon Laboratories Inc SLAB reported fiscal first-quarter 2024 sales of $106.4 million, down 56.9% Y/Y, beating the consensus of $105.1 million

The fabless global technology company's adjusted EPS loss of $(0.92) beat the consensus loss of $(0.98).

Margins: Adjusted gross margin of 52.2% and adjusted operating margin loss of (36.5)% fell from 62.5% and 19.2% a year ago, respectively. 

Industrial & Commercial revenue for the quarter was $65 million, down from $151 million a year ago. Home & Life revenue for the quarter was $41 million, down from $96 million a year earlier.

CFO Transition: Dean Butler will join the company as CFO on May 15, 2024. Butler will succeed Mark Mauldin, who is currently serving as interim CFO.

Silicon Labs CEO Matt Johnson said, “While we are still in the early stages of the recovery, we expect revenue growth to accelerate in the second quarter as excess inventory is further reduced, bookings improve, and design wins continue to ramp.”

Outlook: Silicon Lab expects a second-quarter revenue of $135 million – $145 million versus the consensus of $141.41 million.

The company projects an adjusted EPS loss of $(0.58) – $(0.70), against the consensus loss of $(0.45).

Silicon Laboratories stock lost 24% in the last 12 months. Investors can gain exposure to the stock via SPDR S&P Kensho Intelligent Structures ETF SIMS and SPDR S&P Semiconductor ETF XSD.

Price Action: SLAB shares traded lower by 1.21% at $123.89 premarket at the last check Wednesday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceManagementTop StoriesBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!