Silicon Lab Q1 Net Loss Narrows; Stock Up In Pre-market

(RTTNews) - Silicon Laboratories, Inc.(SLAB), a fabless semiconductor company, on Tuesday announced that its net loss narrowed in the first quarter on improved revenue, compared with the previous year.

Shares of Silicon Lab are increasing in the pre-market trading.

For the first quarter, net loss narrowed to $30.47 million from $56.53 million in the prior year.

Loss per share was $0.94 versus $1.77 last year.

On an adjusted basis, net loss was $2.74 million, with loss per share of $0.08.

Nine Analysts, on average, had expected the company to report $0.04 per share. Analysts' estimates typically exclude special items.

Operating loss narrowed to $32.08 million from $59.13 million in the previous year.

Revenue for the quarter increased to $177.71 million from $106.38 million last year.

Looking ahead, the company expects the second quarter revenue to be between $185 million to $200 million.

For the second quarter, the company expects gross margin and adjusted gross margin to be between 55% and 57%. While the loss per share is anticipated to range between $0.55 and $0.95.

Additionally, on an adjusted basis, the company anticipates a loss per share to be between $0.01 to earnings per share of $0.19.

In the pre-market trading, Silicon Lab is 4.50% higher at $132 on the Nasdaq.