Well-Positioned to Execute Our Strategy in IoT Connectivity: Tyson Tuttle

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  • Silicon Labs has announced financial results for second quarter of 2020
  • Company’s infrastructure and automotive revenue declined to $92.5 million, down five per cent sequentially and up 13 per cent year-on-year

USA-headquartered Silicon Labs has reported financial results for its second quarter that ended on fourth July 2020. The company noted that its revenue was near the top end of the guidance range at $207.5 million, down from $214.9 million in the first quarter. Second quarter GAAP and non-GAAP diluted earnings (loss) per share (EPS) were $(0.04) and $0.74, respectively.

“Second quarter revenue was at the high end of our guidance range at $207.5 million. Clearly, the global pandemic has and will continue to impact the way people live, work and play. We are well-positioned to execute our strategy in IoT connectivity and internet infrastructure in light of recent trends in the market, which we see accelerating as the world moves even faster to becoming more connected,” said Tyson Tuttle, CEO of Silicon Labs.

IoT, infrastructure and automotive revenues declined

The company’s IoT revenue declined to $115.1 million, down three per cent sequentially and eight per cent year-on-year. While its infrastructure and automotive revenues declined to $92.5 million, down five per cent sequentially, these rose up 13 per cent year-on-year.

Silicon labs successfully completed the operational integration of Redpine Signals’ connectivity business and Hyderabad, India design center. It also joined the Wi-SUN Alliance’s board of directors to accelerate the global adoption of Wi-SUN.

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Karuna Annavajjala was appointed to Silicon Labs’ executive team as Chief Information Officer to lead the company’s global IT team responsible for strategic planning, business application platforms, cyber security and service delivery.

The company expects third quarter revenue to be in the range of $208 to $218 million, with IoT up and infrastructure & automotive down.

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