Silicon Labs Q3 revenue beats estimates; suspends guidance
SLAB•Silicon Labs’ third-quarter revenue rose 22% year over year to $250.89 million, beating the $242.10 million analyst estimate, while adjusted EPS rose 228%. The company suspended forward guidance because of its pending acquisition by Texas Instruments.
1. Quarterly results
Silicon Labs reported third-quarter revenue of $250.89 million, up 22% year over year and above the $242.10 million consensus estimate. Adjusted earnings per share rose 228% year over year.
2. Demand and guidance
The company suspended forward-looking guidance because of its pending acquisition by Texas Instruments. It said backlog and design-win ramps position it for continued revenue growth, and described demand as healthy while distributor and customer inventories were low.
3. Medical growth
Revenue from medical applications increased 48% sequentially and more than 300% year over year, reaching a quarterly record. CEO Matt Johnson said growth came from many end applications and that medical revenue had a record quarter.
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