Silicon Laboratories Inc (NASDAQ:SLAB) reported Q2 FY23 sales of $245 million, down 6.95% Y/Y, in line with guidance, beating the consensus of $242.94 million.
Margins: Non-GAAP gross margin of 58.9%, and adjusted operating margin of 16.3%, fell from 62.4% and 20.8% a year ago, respectively.
Adjusted EPS of $1.04 beat the consensus of $1.03 lower than $1.17 a year ago.
“We delivered solid results in the second quarter, with record revenue in our Industrial & Commercial business,” said Matt Johnson, President & CEO. “The strength in Industrial & Commercial was offset by a decline in our Home & Life business as weak demand and excess customer inventory continue to impact our results. Despite the challenging near-term outlook.”
Industrial & Commercial revenue for the quarter was $165 million, up from $144 million in Q2 FY22. Home & Life revenue for the quarter was $80 million, down from $119 million in Q2 FY22.
Outlook: Silicon Lab sees Q2 FY23 revenue of $190 million – $210 million versus the consensus of $256.16 million.
The company sees adjusted EPS of $$0.45-$0.73, against the consensus of $1.08.
Price Action: SLAB shares are down 10.60% at $141.85 during the premarket session on the last check Wednesday.
