Business
Silicon Labs Revises First Quarter 2020 Outlook to Reflect Estimated Impact from the Novel Coronavirus
AUSTIN, Texas, March 12, 2020 /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, March 12, 2020 /PRNewswire/ -- Silicon Labs (NASDAQ: SLAB), a leading provider of silicon, software and solutions for a smarter, more connected world, today provided updated financial guidance for the company's fiscal first quarter 2020, ending April 4, 2020, due to estimated impacts from the novel coronavirus (\"COVID-19\").\n\n \n \n \n \n \n \n\n \n\"Due to the uncertain and evolving public health outlook resulting from COVID-19, we are seeing an impact on first quarter demand and are updating our guidance accordingly,\" said Tyson Tuttle, CEO. \"While all of our Asia-Pacific-based suppliers have resumed operations, there are some minor ongoing impacts on our supply chain. Additionally, we have customers worldwide who are unable to operate at full capacity. Internally, we have taken steps to limit travel to protect the health and safety of our employees.\" \nUpdated Business Outlook\nThe company now expects first quarter revenue to be in the range of $200 to $205 million, down from prior guidance of $209 to $219 million provided on January 29, 2020, and estimates the following:\nOn a GAAP basis:\nGAAP gross margin at approximately 59.5%, in line with prior guidance of 59.5%. GAAP operating expenses at approximately $124.0 million, down from prior guidance of $127.0 million. GAAP effective tax rate of 0.0%, consistent with prior guidance. GAAP diluted earnings (loss) per share between $(0.16) and $(0.12), down from prior guidance between $(0.03) and $0.07.On a non-GAAP basis, and 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 between 59.5% and 60.0%, in line with prior guidance between 59.5% and 60.0%. Non-GAAP operating expenses at approximately $96.0 million, down from prior guidance of approximately $97.5 million. Non-GAAP effective tax rate at 11.0%, down from prior guidance of 11.5%. Non-GAAP diluted earnings per share between $0.49 and $0.53, down from prior guidance between $0.57 and $0.67.About Silicon Labs \nSilicon Labs (NASDAQ: SLAB) is a leading provider of silicon, software and solutions for a smarter, more connected world. Our award-winning technologies are shaping the future of the Internet of...