Silicon Labs Reports Second Quarter 2023 Results

About this update from Silicon Laboratories, Inc.

[{"type":"text","content":"IoT leader delivers solid results with record revenue in Industrial & Commercial \nAUSTIN, Texas, July 26, 2023 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leader in secure, intelligent wireless technology for a more connected world, reported financial results for the second quarter, which ended July 1, 2023. Revenue exceeded the mid-point of the guidance range at $245 million, driven by strength across the Industrial & Commercial end markets.\n\n \n \n \n \n \n \n\n \n\"We delivered solid results in the second quarter, with record revenue in our Industrial & Commercial business,\" said Matt Johnson, President and Chief Executive Officer at Silicon Labs. \"The strength in Industrial & Commercial was offset by a decline in our Home & Life business as weak demand and excess customer inventory continue to impact our results. Despite the challenging near-term outlook, we continue to drive strong design win momentum with our leading platform, products, and broad customer base. As the market stabilizes, we are well-positioned to gain share and drive long-term revenue growth.\"\nSecond Quarter Financial Highlights\nRevenue was $245 million, in-line with guidanceIndustrial & Commercial revenue for the quarter was $165 millionHome & Life revenue for the quarter was $80 millionResults on a GAAP basis: \nGAAP gross margin was 58.7%GAAP R&D expenses were $86 millionGAAP SG&A expenses were $41 millionGAAP operating income as a percentage of revenue was 7%GAAP diluted earnings per share were $0.33Results on a non-GAAP basis, excluding the impact of stock compensation, amortization of acquired intangible assets, and certain other items as set forth in the below GAAP to Non-GAAP reconciliation tables were as follows:\nNon-GAAP gross margin was 58.9%Non-GAAP R&D expenses were $70 millionNon-GAAP SG&A expenses were $35 millionNon-GAAP operating income as a percentage of revenue was 16%Non-GAAP diluted earnings per share were $1.04Business Highlights\nAnnounced the new dual-band FG28 SoC, designed for long-range networks and protocols like Amazon Sidewalk, Wi-SUN, and other proprietary protocols. The FG28 includes radios for sub-Gigahertz (Ghz) and 2.4 Ghz Bluetooth LE, making it particularly attractive for edge applications in growth areas like smart agriculture, smart cities, and neighborhood networks. The built-in AI/ML accelerator is a firs...

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