The following is a summary of the Silicon Laboratories Inc. (SLAB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Silicon Laboratories Inc. saw a Q1 revenue of $106 million, marking an increase of 23% sequentially.
Home & Life revenue showed a significant rise of 51% sequentially to total $41 million, Industrial and Commercial business revenue noted a 9% sequential increase at $65 million.
The Non-GAAP gross margin for the first quarter was maintained at 52%; however, it was notably impacted by customer mix and the implications of fixed costs over reduced revenue levels.
Non-GAAP operating expenses totalled $94 million, a figure better than anticipated due to slower hiring and decreased spending.
Non-GAAP loss per share was higher than expected at $0.92 for Q1.
The company expects to see an improved Non-GAAP gross margin of approximately 53% in Q2, with the non-GAAP loss per share estimated to fall between $0.58 and $0.70.
Business Progress:
Significant strides have been made in Home & Life markets through contributions from initiatives such as matter-enabled ecosystems and connected health.
Notably, Silicon Laboratories has secured valuable partnerships with 24 out of the 26 major ISPs in North America and Europe.
The company has succeeded in securing a design win with a leading hot water heater manufacturer in North America for their Amazon Sidewalk-enabled wi-fi dual band solution.
They're experiencing expansion in the Asia Pacific region with their continuous Glucose Monitoring Solution.
The outlook is focused on developing in areas of IoT, smart homes and secure wireless development to reinforce their long-term growth and scalability.
The planned sampling of Series 3 to Alpha customers in Q2, with industry-leading wireless performance on a multi-radio platform, demonstrates progress in their product roadmap.
The company made notable leadership appointments with Bob Conrad as SVP of Worldwide Operations and Radhika Chennakeshavula as the new Chief Information Officer.
An expected growth trajectory in all sectors throughout 2024 has been predicted. Despite ongoing inventory destocking and variant progress in different units, projections suggest overall progression.
More details: Silicon Laboratories IR
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