Silicom Ltd. (NASDAQ: SILC) stumbled Monday morning as the company, a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the second quarter ended June 30, 2023.
Silicom's revenues for the second quarter totaled $38.1 million, up 12% compared with $34.2 million for the second quarter of 2022.
On a GAAP basis, net income for the quarter totaled $3.8 million, or $0.56 per share (basic and diluted), compared with $4.5 million, or $0.67 per diluted share ($0.68 per basic share), for the second quarter of 2022.
On a non-GAAP basis (as described and reconciled below), net income for the quarter totaled $4.5 million, or $0.66 per share (basic and diluted), compared with $4.7 million, or $0.70 per diluted share ($0.71 per basic share), for the second quarter of 2022.
Its cash position continues to improve. Our balance of cash, cash equivalents and marketable securities increased by $10 million during the second quarter, and currently stands at $63 million with no debt. Based on our improved cash position and our expectation that our profitability will continue during the coming years, we intend to accelerate the pace at which we will be repurchasing our shares under the $15 million Share Repurchase Plan that we announced three months ago.
SILC shares floundered $9.95, or 25.5%, to $29.10.
