Business
Silicom Reports Q1 2019 Financial Results
KFAR SAVA, Israel, April 29, 2019 /PRNewswire/ --Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure
About this update from Silicom Ltd
[{"type":"text","content":"KFAR SAVA, Israel, April 29, 2019 /PRNewswire/ --Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the first quarter ended March 31, 2019.\nFinancial Results\nRevenues for the first quarter of 2019 totalled $30.2 million compared with $29.5 million for the first quarter of 2018. \nOn a GAAP basis, net income for the quarter totalled $3.6 million, or $0.48 per share (basic and diluted), compared with a net loss of $(1.4) million, or $(0.19) per share (basic and diluted), for the first quarter of 2018. \nOn a non-GAAP basis (as described and reconciled below), non-GAAP net income for the period totalled $4.0 million, or $0.52 per diluted share ($0.53 per basic share), compared with $4.3 million, or $0.56 per diluted share ($0.57 per basic share), for the first quarter of 2018. \nGuidance for the Second Quarter of 2019\nManagement projects that revenues for the second quarter of 2019 will total $25 million to $26 million. \nComments of Management \nShaike Orbach, Silicom's President and CEO, commented, \"We are pleased to report a solid first quarter demonstrating the continued power of our business to generate revenues and a continuous stream of cash. Our growth engines remain Edge uCPE devices and FPGA-based solutions, both of which are markets at the beginning of their growth curves.\n\"In the Edge space, while the many wins that we have already secured, together with our fat pipeline of potential wins, make us pleased with our strategic positioning, we continue to see delays in our customer's Edge deployments and growing uncertainty about their ramp-up timelines. This timing issue – which we believe is short-term in nature - is reflected in our moderate guidance for the second quarter and our limited visibility for the remainder of 2019. At the same time, we remain confident and enthusiastic about Edge's long-term potential and continue to build out our portfolio of products and platforms to help transform its promise to reality. We expect to secure many additional significant Edge wins over time, like the one we announced today.\"\nMr. Orbach continued, \"In the FPGA space, during the quarter we announced two important new wins: one from a leading cloud player for a potentially massive network-wide implementation, and anoth...