Q1 2024 SiTime Corp Earnings Call Transcript
Key Points
- SiTime Corp (SITM) reported Q1 results at the high end of their outlook with a revenue of $33 million and non-GAAP gross margins of 57.9%.
- The company is seeing a positive trend with a decrease in customer inventories leading to increased order activity, supporting sequential growth projections for Q2, Q3, and Q4 of 2024.
- SiTime Corp (SITM) is experiencing growth across all end markets, with each expected to grow over the previous year, demonstrating the strength and diversity of their market presence.
- The company has introduced 17 new oscillators and clocks targeting the comms enterprise data center (CED) market, enhancing their product portfolio and market reach.
- SiTime Corp (SITM) is strategically positioned to benefit from the upcoming mainstream adoption of 800G optical modules and the development of 1.2-terabit and 1.6-terabit module designs.
- Q1 revenue of $33 million represents a 22% decrease from Q4 2023, attributed to typical seasonality.
- Non-GAAP gross margins slightly decreased by 40 basis points sequentially due to the impact of lower volumes.
- The automotive market is showing signs of pricing pressure, which could affect profitability despite new designs and increased market share.
- While the integration of new clock products is progressing, meaningful revenue generation from these products is expected to take time.
- The company faces challenges in the telecom sector with a slowdown in 5G infrastructure deployment, although there is potential growth with 5G-advanced equipment in 2025.
Good day, and thank you for standing by. Welcome to the SiTime's first-quarter earnings call and webcast. (Operator Instructions) Please be advised today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Brett Perry, with Shelton Group Investor Relations. Brett, please go ahead.
Thank you, Kevin. Good afternoon, and welcome to SiTime's first-quarter 2024 financial results conference call. Joining us on today's call from SiTime are Rajesh Vashist, Chief Executive Officer; and Beth Howe, Chief Financial Officer.
Before we begin, I'd like to point out that during the course of this call, the company may make forward-looking statements regarding expected future results, including financial position, strategy and plans, future operations, the timing market, and other areas of discussion.
It's not possible for the company's management to predict all risks nor can the company assess the impact of all factors on its business or the extent to which any factor
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