- Silicon Labs informed that having a fabless model has helped the company in these tough times
- The company’s infrastructure and automotive revenue increased to $97 million
- It has recently acquired some business of Redpines Signals
Silicon Labs (NASDAQ: SLAB), a provider of silicon, software and solutions has reported financial results for its first quarter that ended on Fourth April 2020. The company said that its revenue was above the guidance range during the quarter.
“Our balance sheet remains healthy,” said Tyson Tuttle, CEO of Silicon Labs.
He added, “We have seen minimal disruption to our supply chain and have benefitted from a having a fabless model. We believe our strategy targeting large, high-quality and diverse growth drivers in the IoT, communications infrastructure and electrification, combined with the industry-leading technologies we bring to bear, will continue to drive growth and improved profitability as we scale our business longer term.”
The company had announced the acquisition of Redpine Signals’ Wi-Fi and Bluetooth business, development center in Hyderabad, India, and extensive patent portfolio to expand Silicon Labs’ leadership in IoT wireless technology, recently.
Revenue of $214.9 million
The company registered revenue figures of $214.9 million. These represent a slight decline from its revenue figures ($219.4 million) during the fourth quarter of last year.
“Revenue for the first quarter ended stronger than expectations at $215 million, up 14 percent year-on-year. As we face the unprecedented COVID-19 challenge, the health and safety of our employees, customers, partners and communities remain a top priority,” Tuttle added.
Company’s IoT revenue declined to $118 million. It was down eight per cent sequentially and up 11 per cent year-on-year. It’s infrastructure and automotive revenue, on the other hand, increased to $97 million, up six per cent sequentially and 19 per cent year-on-year.
Tuttle said, “We believe we are well-positioned to navigate the pandemic and are thankful to have the collaboration tools and remote-working infrastructure in place to facilitate a relatively smooth transition as our global teams advance toward well-established goals.”
