Silicon Laboratories Inc (NASDAQ:SLAB) shares galloped Wednesday on full-year results which surmounted projections. The company reported fourth-quarter FY21 revenue growth of 43% Y/Y to $208.68 million, beating the consensus of $200.2 million.
The non-GAAP gross margin expanded 280 bps to 61.4%. The non-GAAP operating margin contracted 240 bps to 16.3%. The non-GAAP EPS of $0.77 beat the consensus of $0.57.
Silicon Labs held $2.04 billion in cash and equivalents. Silicon Lab sees Q1 FY22 revenue of $220 million - $230 million, above the consensus of $201.9 million, and non-GAAP EPS of $0.58 - $0.68, above the consensus of $0.46.
"We delivered record IoT revenue and gained momentum across our entire wireless portfolio," said CEO Matt Johnson. "We're well-positioned to take advantage of the accelerating IoT growth across smart home, medical, industrial, and commercial segments in 2022.
"I'm proud of the team's disciplined execution as we transitioned to focus solely on the Internet of Things. We delivered record IoT revenue and gained momentum across our entire wireless portfolio," Johnson continued. "We're well-positioned to take advantage of the accelerating IoT growth across smart home, medical, industrial, and commercial segments in 2022."
SLAB shares traded higher by $11.58, or 7% at $177.00 first thing Wednesday.
