The following is a summary of the SiTime Corporation (SITM) Q4 2023 Earnings Call Transcript:
Financial Performance:
SiTime Corporation reported a full-year 2023 revenue of $144 million, a drop of 49% from fiscal '22.
Total non-GAAP operating expenses for the year reduced by $1.5 million to $107.6 million with operational cash flow reported at $8.1 million.
In Q4, the company showed revenue of $42.4 million, up 19% sequentially, with Non-GAAP gross margins slightly up at 58.3%.
The company recorded a non-GAAP net income of $5.5 million, which translates to $0.24 per share.
SiTime projects revenue of around $31 to $33 million for the Q1 of 2024, with non-GAAP earnings per share expected to be in the loss range of $0.12 to $0.17.
Business Progress:
The company expanded its market through differentiated products, leading to strong average selling prices and increased design wins.
SiTime acquired Aura Semiconductor's clocking products, and the customer response has been positive.
Engagement with key cloud service providers and AI server suppliers solidly contributes to growth in data center and communication segments.
Increasing involvement in AI-related infrastructure improvements is evident, and there's positive interaction around their new Endura Epoch OCXO product for the aerospace defense markets.
For 2024, SiTime anticipates sequential growth, targeting 30% annual growth, primarily driven by the data center segment.
More details: SiTime IR
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