Silicon Labs beats Q2 revenue expectations, but misses profit view
Overview
Silicon Labs Q2 revenue grows 33% yr/yr, beating analyst expectations
However, net income and operating income missed analysts' estimates, per LSEG data
Company announced new Series 3 devices and upcoming developer conference
Outlook
Company expects Q3 revenue between $200 mln and $210 mln
Silicon Labs sees Q3 GAAP gross margin of 57% to 58%
Company forecasts Q3 non-GAAP EPS between $0.20 and $0.40
Silicon Labs estimates Q3 GAAP operating expenses of $130 mln to $133 mln
Result Drivers
INDUSTRIAL & COMMERCIAL - Revenue increased 25% yr/yr, contributing to overall growth
HOME & LIFE - Revenue grew 45% yr/yr, driving significant part of revenue increase
SERIES 3 DEVICES - New devices set industry benchmarks, reinforcing co's innovation leadership
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $192.84 mln | $192.60 mln (9 Analysts) |
Q2 Adjusted EPS | $0.11 | ||
Q2 Net Income | Miss | -$21.82 mln | $3.05 mln (9 Analysts) |
Q2 Operating Income | Miss | -$22.87 mln | $330,300 (7 Analysts) |
Q2 Gross Profit | $108.11 mln | ||
Q2 Operating Expenses | $130.98 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the semiconductors peer group is "buy."
Wall Street's median 12-month price target for Silicon Laboratories Inc is $153.50, about 13% above its August 4 closing price of $133.55
The stock recently traded at 87 times the next 12-month earnings vs. a P/E of 80 three months ago
Press Release:
