Silicon Labs Announces Record IoT Revenue for Third Quarter 2021

About this update from Silicon Laboratories, Inc.

[{"type":"text","content":"IoT Leader Reports Accelerating Adoption Across Entire Wireless Portfolio\n\n\nAUSTIN, Texas, Oct. 27, 2021 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, reported strong financial results for the third quarter, which ended October 2, 2021. Revenue from continuing operations exceeded the top of the guidance range at $185 million, up 9% sequentially and 39% year-on-year. \n\n \n \n \n \n \n \n\n \n\"I'm really proud of what our team has accomplished,\" said Silicon Labs President Matt Johnson. \"We brought the industry together, delivered significant innovation and drove record revenue, all while navigating a uniquely challenging environment.\"\n\"IoT solutions are being adopted at a rapid pace in large, diverse, and fast-growing home and industrial end markets,\" said Silicon Labs CEO Tyson Tuttle. \"Ten years ago, Silicon Labs set its sights on being a leader in IoT. I am confident in Matt's ability to carry that vision forward, building on a strong foundation.\"\nDuring the third quarter, Silicon Labs completed the divestiture of its Infrastructure and Automotive (I&A) business to Skyworks Solutions, Inc. (NASDAQ: SWKS) for $2.75 billion in an all-cash transaction. Accordingly, all information included below is to be considered from continuing operations unless explicitly noted as \"discontinued operations.\"\nThird Quarter Financial Highlights\nRevenue increased to $185 million, up 9% sequentially and 39% year-on-yearResults on a GAAP basis: \nGAAP gross margin was 59.2% GAAP R&D expenses were $73 million GAAP SG&A expenses were $46 million GAAP operating loss as a percentage of revenue was (5)% GAAP diluted loss per share was $(0.45)Results on a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, restructuring charges, non-cash interest expense and other costs associated with convertible notes, and certain other items as set forth in the reconciliation tables were as follows:\nNon-GAAP gross margin was 59.4% Non-GAAP R&D expenses were $57 million Non-GAAP SG&A expenses were $36 million Non-GAAP operating income as a percentage of revenue was 9% Non-GAAP diluted earnings per share were $0.34Business Highlights\nAfter completing a smooth transition of the infrastructure and automotive business to Sk...

More updates from Silicon Laboratories, Inc.