Silicon Labs soars after Q4 report

By siliconindia staff writer   |   Thursday, 29 January 2004, 08:00 Hrs
Printer Print Email Email
SAN FRANCISCO: Shares of Silicon Labs soared 17 percent Tuesday as investors cheered the integrated circuit maker's better-than-expected fourth-quarter earnings.

The stock closed up $7.57 at $51.57 after rising as high as $55.45 earlier in the session.

Late Monday, the Austin, Texas-based company reported fourth-quarter net income of $20.9 million, or 39 cents a share, compared with $13.9 million, or 26 cents a share, in the same period a year ago. See full story.

Excluding charges related to deferred stock compensation and research and development currently underway, Silicon Labs (SLAB: news, chart, profile) earned $23.8 million, or 44 cents a share.

Analysts polled by Thomson First Call had expected the company to report earnings of 33 cents a share, on average.

Quarterly revenue came in at $325.2 million, a 79 percent jump from the $182 million reported in the year-ago quarter.

Looking ahead, Silicon Labs expects to show first quarter revenue between $104 million and $108 million, compared with the current First Call estimate of $104 million.

Following the report, Credit Suisse First Boston raised its estimates for Silicon Labs 2004 and 2005 revenue to a $463 million from $423 million and $530 million from $517 million, respectively.

The brokerage also boosted its earnings per share estimate for 2004 to $1.46 from $1.38 and its 2005 EPS estimate to $1.55 from $1.70.

Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..