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Silicon Labs Announces First Quarter 2020 Results
-- Continuing to Execute in an Uncertain Environment -- AUSTIN, Texas, April 29, 2020 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leading provider of
About this update from Silicon Laboratories, Inc.
[{"type":"text","content":"-- Continuing to Execute in an Uncertain Environment --\n\n\nAUSTIN, Texas, April 29, 2020 /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 April 4, 2020. Revenue was above the guidance range at $214.9 million, down from $219.4 million in the fourth quarter. First quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.05 and $0.69, respectively.\n\n \n \n \n \n \n \n\n \n\"Revenue for the first quarter ended stronger than expectations at $215 million, up 14 percent year-on-year,\" said Tyson Tuttle, CEO of Silicon Labs. \"As we face the unprecedented COVID-19 challenge, the health and safety of our employees, customers, partners and communities remain a top priority. We believe we are well-positioned to navigate the pandemic and are thankful to have the collaboration tools and remote-working infrastructure in place to facilitate a relatively smooth transition as our global teams advance toward well-established goals.\" \n\"Our balance sheet remains healthy,\" added Tuttle. \"We have seen minimal disruption to our supply chain and have benefitted from a having a fabless model. We believe our strategy targeting large, high-quality and diverse growth drivers in the IoT, communications infrastructure and electrification, combined with the industry-leading technologies we bring to bear, will continue to drive growth and improved profitability as we scale our business longer term.\"\nFirst Quarter Financial Highlights\nIoT revenue declined to $118 million, down 8% sequentially and up 11% year-on-year. Infrastructure and Automotive revenue increased to $97 million, up 6% sequentially and 19% year-on-year.On a GAAP basis: \nGAAP gross margin was 60.1%. GAAP R&D expenses were $71 million. GAAP SG&A expenses were $54 million. GAAP operating income as a percentage of revenue was 1.8%. GAAP diluted earnings per share were $0.05.On a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, restructuring charges, non-cash interest expense on convertible notes, and certain other items as set forth in the reconciliation tables below:\nNon-GAAP gross margin was 60.4%. Non-GAAP R&D expenses were $55 million. Non-GAAP SG&A expenses were $41 mil...