Silicon Labs noted that the revenue figures exceeded the guidance range the company had shared earlier. Silicon Labs’ IoT products lead the revenue contribution
Silicon Labs has reported financial results for its third quarter ended on third October 2020. The company’s revenue exceeded the top end of the guidance range at $221.3 million, up from $207.5 million in the second quarter. Third quarter GAAP and non-GAAP diluted earnings per share (EPS) were $0.07 and $0.73, respectively.
“Third quarter revenue exceeded the high end of our guidance range at $221.3 million. Revenue was considerably stronger than expected, with our IoT products leading the way with a record quarter. We see sustained acceleration towards a more connected world, which our products are well-suited to address,” said Tyson Tuttle, CEO of Silicon Labs.
IoT revenue grew to $133.2 million
Silicon Labs’ IoT revenue grew 16 per cent sequentially and three per cent year-on-year. Company’s infrastructure and automotive revenue, on the other hand, declined to $88.2 million, down five per cent sequentially and six per cent year-on-year. The company, during the quarter, announced collaboration with Amazon to support Sidewalk, a secure network created by neighbors who share a small portion of Wi-Fi bandwidth to help their devices work better at home and beyond the front door.
It also organised its first-ever works with smart home developer conference with leaders from the world’s largest smart home ecosystem players including key executives from Google, Amazon, Ring, and Comcast. Silicon Labs’ also debuted its new Secure Vault technology for its’ multiprotocol Wireless Gecko Series 2 platform.
“Our products are the first with radios to earn ARM’s PSA Level 2 security certification. We also received SmartCert security certification from the ioXt Alliance and were awarded a Gold medal in the 2020 LEAP Awards Connectivity category for best-in-class security,” read company’s official statement. The company expects fourth quarter revenue to be in the range of $221 to $231 million, with IoT and infrastructure & automotive up.