Silicon Labs Q3 Sales Exceed Analyst Predictions, But CEO Says 'Current Demand Environment Remains Quite Weak'
Portfolio Pulse from Anusuya Lahiri
Silicon Laboratories Inc (NASDAQ:SLAB) reported Q3 FY23 sales of $203.76 million, down 24.5% Y/Y, beating the consensus of $200.24 million. However, the company's CEO, Matt Johnson, stated that the current demand environment remains weak. The company's outlook for Q4 FY23 revenue is $70 million-$100 million, significantly lower than the consensus of $204.93 million. The stock is down 37% YTD and was trading 9.9% lower at $83.14 at last check Wednesday.
November 01, 2023 | 3:44 pm
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Silicon Labs reported Q3 sales that beat consensus but warned of a weak demand environment. The Q4 outlook is significantly lower than consensus. The stock is down 37% YTD.
Silicon Labs' Q3 sales beat the consensus, which is a positive sign. However, the CEO's warning about a weak demand environment and the significantly lower Q4 outlook compared to consensus are negative indicators. These factors, combined with the stock's YTD performance, suggest a negative short-term impact.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100