Q2 2024 SiTime Corp Earnings Call Transcript
Key Points
- Q2 revenue of $43.9 million exceeded the high end of guidance, showing strong financial performance.
- Each reported end market grew at double-digit rates both sequentially and year over year.
- Bookings for the second half of 2024 are strong, with expectations for sequential growth in Q3 and Q4.
- Revenue from major regions like Greater China, North America, and Europe is expected to grow by double-digit percentages.
- SiTime's strategy of increasing diversity across applications, customers, and products is paying off, leading to accelerated customer acquisition.
- Non-GAAP gross margins were 57.7%, down 20 basis points sequentially due to higher overhead and manufacturing costs.
- Total non-GAAP operating expenses for the quarter were $28.1 million, reflecting higher commissions and strategic hiring.
- Q2 non-GAAP operating loss was $2.8 million, although improved from the prior quarter's loss of $8.3 million.
- Higher costs associated with ramping new products are expected to continue, impacting gross margins in the near term.
- Despite strong revenue growth, the company consumed $0.2 million in cash from operations during the quarter.
Good day and thank you for standing by, and welcome to the SiTime second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Leanne Sievers of Shelton Group Investor Relations. Please go ahead.
Thank you. Good afternoon, and welcome to SiTime second-quarter 2024 financial results conference call. Joining us on today's call from SiTime, 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 your 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
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