Business
Silicom Reports Q2 2024 Results & Update of Strategic Plan
KFAR SAVA, Israel, July 29, 2024 /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, July 29, 2024 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the second quarter ended June 30, 2024, and provided an update regarding the Strategic Plan announced on February 1st. \n\nFinancial Results\nSecond quarter: Silicom's revenues for the second quarter of 2024 were $14.5 million compared with $38.1 million for the second quarter of 2023.\nOn a GAAP basis, the company's net loss for the quarter totalled $(1.5) million, or $(0.25) per ordinary share (basic and diluted), compared with net income of $3.8 million, or $0.56 per ordinary share (basic and diluted), for the second quarter of 2023.\nOn a non-GAAP basis (as described and reconciled below), net loss for the quarter totalled $(0.9) million, or $(0.14) per ordinary share (basic and diluted), compared with net income of $4.5 million, or $0.66 per ordinary share (basic and diluted), for the second quarter of 2023.\nFirst Six Months: Silicom's revenues for the first half of 2024 were $28.9 million compared with $75.3 million for the first half of 2023.\nOn a GAAP basis, net loss for the period totalled $(4.9) million, or $(0.80) per ordinary share (basic and diluted), compared with net income of $7.3 million, or $1.07 per diluted share ($1.09 per basic share), for the first half of 2023.\nOn a non-GAAP basis (as described and reconciled below), net loss for the period totalled $(3.2) million, or $(0.52) per ordinary share (basic and diluted), compared with net income of $8.6 million, or $1.27 per diluted share ($1.28 per basic share), for the first half of 2023.\nDuring the first half of 2024, the Company generated more than $13 million in cash, and invested approximately half of that, about $6.6 million, in repurchasing Silicom shares. \nGuidance \nIn light of longer-than-expected sales cycles, the prolonged excess inventory digestion periods of several large customers and the global economic slowdown, Management projects that revenues for the third quarter of 2024 will range from $14 million to $15 million, and expects that revenues for the second half of 2024 as a whole to be similar to those of the first half.\nShare Repurchase Plan \nDuring the first half of the year, the Company repurchased approximately 410,000 of its ordin...