SAN FRANCISCOAnalog/mixed-signal IC vendor Silicon Laboratories Inc. posted better-than-expected first quarter revenue of $83.7 million and GAAP earnings of 1 cent per diluted share, the company said Wednesday (April 29).
First quarter revenue was down 16 percent sequentially, topping company guidance that projected it would fall between 20 and 25 percent. Revenue was down 14.7 percent compared with the first quarter of 2008.
Silicon Labs (Austin, Texas) posted a first quarter net income of $671,000, down from more than $10.8 million in the first quarter or 2008.
The better-than-expected first quarter performance was due primarily to several key customers gaining share in their respective markets and new product cycles, Silicon Labs said.
For the second quarter of 2009, Silicon Labs guided for revenue in the range of $92 million to $97 million.
"With the first quarter behind us, we are feeling good about our business, even in light of what we recognize is a very weak global economy," said Necip Sayiner, president and CEO of Silicon Labs, in a statement.
Sayiner said the company sees the first quarter as the cyclical bottom in terms of revenue and expects to benefit from strong product cycles and share gains going forward.