Silicon Labs’ first-quarter results

31 May 2024 News

Silicon Labs (NASDAQ: SLAB) has released its financial results for the first quarter, which ended 30 March 2024.

The company reported revenue of $106 million, with the Industrial & Commercial revenue at $65 million and the Home & Life revenue for the quarter at $41 million. GAAP gross margin was 52%.

Expenses were reported as $81 million for R&D; and $34 million on SG&A.; Operating loss amounted to $59 million, resulting in a diluted loss per share of $1,77.

“Silicon Labs delivered strong sequential growth in the first quarter, driven by progress in end customer inventory destocking in both the Home & Life and Industrial & Customer business units,” said Matt Johnson, president and CEO at Silicon Labs. “While we are still in the early stages of the recovery, we expect revenue growth to accelerate in the second quarter as excess inventory is further reduced, bookings improve, and design wins continue to ramp.”

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