Q2 2024 Silicon Laboratories Inc Earnings Call Transcript
Key Points
- Silicon Laboratories Inc (SLAB) delivered strong second-quarter results with revenue reaching the top end of their forecast and earnings exceeding expectations.
- The company reported record design wins in industrial and commercial business units, particularly in the smart cities and home business sectors.
- Significant momentum in insulin management devices, electronic shelf labels, and smart meters, with millions of units shipped across multiple customers and regions.
- The company's first Wi-Fi 6 product, the 917, has lower power consumption than competing products, generating significant market opportunities and design wins.
- Strong adoption of Series 2 products and the introduction of Series 3 platform, which promises advancements in performance, power consumption, and compute capability.
- Despite improvements, weekly bookings are still below target levels, indicating some ongoing market challenges.
- GAAP operating loss for the quarter was $48 million, and non-GAAP operating loss was $25 million, reflecting ongoing financial pressures.
- The company continues to experience non-GAAP operating losses, highlighting the need for further cost control and margin improvements.
- Inventory levels at some significant customers remain high, which could impact future sales and revenue growth.
- The end market demand remains unpredictable, adding uncertainty to future growth projections.
Hello. My name is Tanya, and I'll be your conference operator today. Welcome to Silicon Lab's second-quarter 2024 fiscal earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to turn the conference over to Giovanni Pacelli, Silicon Lab's Senior Director of Finance. Giovanni, please go ahead.
Thank you, Tanya, and good morning, everyone. We are recording this meeting, and a replay will be available for four weeks on the Investor Relations section of our website at investor.silabs.com. Our earnings press release and the accompanying financial tables are also available on our website.
Joining me today are Silicon Labs' President and Chief Executive Officer, Matt Johnson; and Chief Financial Officer, Dean Butler. They will discuss our second-quarter financial performance and review recent business activities.
We will take questions after our prepared comments, and our remarks today will include forward
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
