SI’s third quarter results
22 November 2023
News
Silicon Labs recently released its Q3 2023 financial results, ending 30 September, which reported a solid revenue in the challenging electronics IoT market. Total revenue for the period was $204 million, being made up by Industrial and Commercial of $121 million, and Home and Life of $83 million.
GAAP gross margin was reported as 58,4%. R&D; expenses amounted to $79 million and SG&A; expenses came in at $28 million. The operating income as a percentage of revenue was 6%, with diluted earnings per share of $0,32.
“The Silicon Labs team executed well in the third quarter, driving revenue and EPS that exceeded the mid-point of our guidance,” said Matt Johnson, president and CEO at Silicon Labs. “The current demand environment remains quite weak as we navigate this cyclical inventory correction, and end market visibility continues to be challenging. That said, we are pleased with our record design win performance in the quarter and continued advancements in our industry-leading platform. We believe this positions us well for growth and higher earnings power when the market recovers.”
The company forecasts the fourth quarter revenue to be between $70 and $100 million.
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