SiLabs releases second quarter results

30 August 2023 News

Silicon Labs reported financial results for the second quarter, which ended on 1 July 2023. Revenue exceeded the mid-point of the guidance range at $245 million, driven by strength across the Industrial & Commercial end markets. The revenue for the Industrial and Commercial markets for Q2 2023 was $165 million. Home and Life revenue totalled $80 million.

Gross margin equalled 58,7% and GAAP R&D; expenses were reported as $86 million for the quarter. GAAP operating expenses as a percentage of revenue was 7%.

“We delivered solid results in the second quarter, with record revenue in our Industrial & Commercial business,” said Matt Johnson, president and CEO 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 stabilises, we are well-positioned to gain share and drive long-term revenue growth.”

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