Silicon Labs Stock Gains On Q2 Earnings; Matt Johnson To Succeed Tyson Tuttle As CEO In 2022 - Silicon Laboratories (NASDAQ:SLAB)

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.