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Investing.com -- SiTime Corporation (NASDAQ:SITM) saw its stock rise 2.6% after reporting first quarter earnings that exceeded analyst expectations, with revenue soaring 83% compared to the same period last year.
The precision timing company posted adjusted earnings per share of $0.26, surpassing the analyst estimate of $0.11 by $0.15. Revenue for the quarter came in at $60.3 million, beating the consensus estimate of $53.45 million and marking a significant increase from $33.0 million in the year-ago quarter.
SiTime’s CEO and chairman Rajesh Vashist attributed the strong performance to robust business across end markets. "Our Q1 revenue growth of 83% YoY highlights the strength of our business across our end markets," Vashist stated. He added, "Customer enthusiasm for our newest products, including the Elite RF Super-TCXO and Symphonic mobile clock generator, underscore our Precision Timing leadership from the datacenter to the edge."
The company reported a GAAP gross profit of $30.3 million, or 50.3% of revenue, while non-GAAP gross profit stood at $34.6 million, or 57.4% of revenue. SiTime ended the quarter with $398.9 million in total cash, cash equivalents, and short-term investments.
Looking ahead, Vashist expressed optimism for continued growth, stating, "We anticipate continued strong growth in Q2." The company plans to discuss its business outlook during its scheduled conference call.
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