Business
Silicon Labs Announces First Quarter 2019 Results
AUSTIN, Texas, April 24, 2019 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leading provider of silicon, software and solutions for a smarter, more connected
About this update from Silicon Laboratories, Inc.
[{"type":"text","content":"AUSTIN, Texas, April 24, 2019 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leading provider of silicon, software and solutions for a smarter, more connected world, today reported financial results for its first quarter ended March 30, 2019. Revenue was at the midpoint of guidance at $188.1 million, down from $215.5 million in the fourth quarter, with gross margin, opex and earnings per share (EPS) exceeding expectations. First quarter GAAP and non-GAAP diluted EPS were $0.12 and $0.59, respectively.\n\n \n\"We exited 2018 with strong design win momentum and leading positions in key secular growth markets,\" said Tyson Tuttle, CEO of Silicon Labs. \"Despite macro turbulence, Q1 bookings were robust, signaling a Q2 rebound. We believe we are well-positioned to outperform the market.\"\nFirst Quarter Financial Highlights\nIoT revenue declined to $106 million, down 11% sequentially and up 3% year-on-year. Infrastructure revenue was about flat sequentially at $46 million, down 7% year-on-year. Broadcast revenue declined to $26 million, down 25% sequentially and 27% year-on-year. Access revenue declined to $10 million, down 36% sequentially and 43% year-on-year.On a GAAP basis: \nGAAP gross margin was 61.6%. GAAP R&D expenses were $62 million. GAAP SG&A expenses were $49 million. GAAP operating income as a percentage of revenue was 2.7%. GAAP diluted earnings per share were $0.12.On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, non-cash interest expense on convertible notes, and certain other items as set forth in the reconciliation tables below:\nNon-GAAP gross margin was 61.8%. Non-GAAP R&D expenses were $48 million. Non-GAAP SG&A expenses were $40 million. Non-GAAP operating income as a percentage of revenue was 14.9%. Non-GAAP diluted earnings per share were $0.59.Product Results\nLaunched the new Si89xx family of isolated ICs delivering precise current and voltage measurement with ultra-low temperature drift for industrial, green energy and EV/HEV applications. Introduced a comprehensive portfolio of clock and buffer timing solutions providing best-in-class jitter performance to meet the new PCI Express Gen 5 specification. Released the first SoC products in the next-generation Wireless Gecko Series 2 portfolio, delivering the industry's most versatile ...