Silicon Labs Reports Second Quarter 2024 Results

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[{"type":"text","content":"Wireless IoT leader delivers strong second-quarter growth\nAUSTIN, Texas, July 24, 2024 /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 June 29, 2024.\n\n \n \n \n \n \n \n\n \n\"Silicon Labs delivered another quarter of strong sequential growth, driven by a combination of design wins ramping to production in several key growth areas, and end customers working down their excess inventory,\" said Matt Johnson, President and Chief Executive Officer at Silicon Labs. \"Looking forward, we expect revenue growth to continue in the third quarter as excess inventory is further reduced, design wins continue ramping, and bookings improve.\"\nSecond Quarter Financial Highlights \nRevenue was $145 millionIndustrial & Commercial revenue for the quarter was $88 millionHome & Life revenue for the quarter was $57 millionResults on a GAAP basis:\nGAAP gross margin was 53%GAAP operating expenses were $125 millionGAAP operating loss was $48 millionGAAP diluted loss per share was $(2.56)Results 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 53%Non-GAAP operating expenses were $102 millionNon-GAAP operating loss was $25 millionNon-GAAP diluted loss per share was $(0.56)Business Highlights\nDue to popular demand, Silicon Labs is expanding its fifth annual Works With Developers Conference this fall with live events in San Jose, Hyderabad, and Shanghai. Each event's agenda is tailored to regional market needs and covers key IoT topics like Matter, Smart Cities, AI and Machine Learning, and Security.Announced Silicon Labs' new xG22E family of wireless SoCs, its first-ever family designed to operate within the ultra-low power envelope required for battery-free, energy harvesting applications. The new family consists of the BG22E, MG22E, and FG22E. As Silicon Labs' most energy-efficient SoCs to date, all three SoCs will enable IoT device makers to build high-performance, Bluetooth Low Energy (LE), 802.15.4-based, or proprietary 2.4GHz. wireless devices for battery-optimized and battery-free devices that can harvest energy from...

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