Silicon Labs Stock Gains On Q2 Earnings; Matt Johnson To Succeed Tyson Tuttle As CEO In 2022

  • Silicon Laboratories Inc SLAB reported second-quarter FY21 IoT revenue from continuing operations growth of 48% Y/Y to $169 million. Infrastructure and Automotive (I&A) revenue from discontinued operations rose 16% Y/Y to $108 million.
  • Earlier in the week, Silicon Labs completed the sale of its I&A businesses to Skyworks Solutions, Inc SWKS for $2.75 billion in cash.
  • It continues to capitalize on the increased adoption, growth, and diversity of the global IoT market, CEO Tyson Tuttle stated.
  • The GAAP gross margin contracted 140 basis points to 56.8%, and the GAAP operating margin was (6.8)%.
  • The non-GAAP gross margin was 56.9%, and the non-GAAP operating margin was 6.6%.
  • It reported non-GAAP EPS of $1.05 and GAAP EPS of $0.44.
  • It held $617.3 million in cash and equivalents.
  • The company generated $5.7 million in operating cash flow during the six months ended July 3, 2021.
  • Outlook: It sees Q3 revenue from continuing operations of $170 million- $180 million and non-GAAP EPS of $0.10 - $0.20.
  • CEO Appointment: The company announced that its President Matt Johnson will succeed Tyson Tuttle as Chief Executive Officer in 2022.
  • Tuttle will continue to serve the company as a member of the Technical Advisory Board after he steps down as CEO.
  • Price Action: SLAB shares traded higher by 2.83% at $141.94 on the last check Wednesday.
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Posted In: EarningsNewsGuidanceManagementTechBriefs
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