Silicon Labs posts record Q1 revenue, lower profits
Silicon Laboratories Inc. said it posted record revenue and lower profits for the first quarter.
The Austin-based semiconductor maker reported on Wednesday net income of $6.3 million, or 15 cents per share, on revenue of $163.7 million compared with a net income of $8.1 million, or 18 cents per share, on revenue of $145.6 million during the same period last year, according to a filing with the U.S. Securities and Exchange Commission.
On a non-GAAP basis, Silicon Labs posted earnings per share of 54 cents versus analysts’ estimates of 46 cents. Shares were down 2.8 percent, or $1.50, in early trading Wednesday. Follow the stock’s progress here.
The company is projecting second-quarter revenue of $164 million to $169 million with non-GAAP earnings of 50 cents to 56 cents per share.
Silicon Labs (Nasdaq: SLAB), which was founded in 1996, develops embedded microprocessors for a variety of technologies. The company is one of the largest employers in the Austin area, with 600 employees working out of two Central Texas offices.
Last year, it spent $173 million on research and development, or nearly 28 percent of its revenue.