Silicon Laboratories Inc - SLAB STOCK NEWS

Silicon Labs (NASDAQ: SLAB) reported strong Q1 2021 results with revenue hitting $255.5 million, surpassing the forecast and up from $242.9 million in Q4 2020. IoT revenue reached $158.2 million, a 34% year-on-year increase. GAAP diluted EPS stood at $0.29, while non-GAAP EPS was $0.91. The company announced the sale of its Infrastructure & Automotive business to Skyworks Solutions (NASDAQ: SWKS) for $2.75 billion in cash, focusing on IoT growth. Expected Q2 revenue ranges between $262 to $272 million.

Silicon Labs (NASDAQ: SLAB) has appointed Daniel Cooley as its new Chief Technology Officer. Cooley, who has been with the company since 2005, previously served as chief strategy officer and has a strong background in IoT technology. In his new role, he will lead the company's research and development strategy, focusing on wireless connectivity and IoT market opportunities. Cooley takes over from Alessandro Piovaccari, who transitions to a technical advisory role after 18 years of service. This leadership change is expected to accelerate Silicon Labs' growth in the expanding IoT market.

Silicon Labs has entered into a definitive agreement to sell its Infrastructure and Automotive (I&A) business to Skyworks Solutions for $2.75 billion in cash. This strategic move is aimed at enhancing Silicon Labs' focus on the IoT market, anticipated to accelerate growth opportunities. Following the transaction, the company plans to return approximately $2.0 billion to shareholders through dividends and share repurchases. Additionally, Silicon Labs reported expected Q1 revenue of $255 million, a 19% increase year-over-year.

Silicon Labs (NASDAQ: SLAB) has promoted Matt Johnson to president, effective immediately. Johnson, who previously served as senior vice president and general manager of IoT Products, is expected to bolster the company's growth in intelligent connectivity and the Internet of Things (IoT) sector. Under his leadership, the organization aims to capitalize on a $10 billion market opportunity by 2023. CEO Tyson Tuttle expressed confidence in Johnson's ability to manage day-to-day operations and enhance the company's product development initiatives.

Skyworks Solutions (Nasdaq: SWKS) has announced an all-cash acquisition of Silicon Laboratories’ (Nasdaq: SLAB) Infrastructure & Automotive business for $2.75 billion. This strategic move enhances Skyworks' capabilities in high-growth sectors such as electric vehicles, industrial control, and 5G infrastructure, aiming to tap into a combined market opportunity of nearly $20 billion annually. The acquisition is expected to close in Q3 2021, subject to regulatory approvals, and will bolster Skyworks' revenue and margin growth by integrating approximately 350 new employees and technologies into its operations.

Silicon Labs (NASDAQ: SLAB) has announced its new Wi-SUN technology, aimed at enhancing IoT applications and smart city development. This solution integrates the EFR32 hardware platform with an advanced IPv6 mesh stack, promoting secure wireless connectivity for various applications including advanced metering and street lighting. Certified by the Wi-SUN Alliance, the technology is designed for large-scale, long-range networks, allowing for greater scalability and resilience. General availability is expected in early Summer 2021.

Silicon Labs (NASDAQ: SLAB) has announced that it will release its financial results for the first quarter of 2021 on April 28, 2021. This will be followed by an earnings conference call at 7:30 a.m. Central Time. Investors can access the webcast on the company's website. A replay of the call will be available until May 5, 2021. Silicon Labs focuses on providing innovative silicon, software, and solutions for various markets, including the Internet of Things and industrial automation.

Silicon Labs (NASDAQ: SLAB) has achieved the world's first PSA Certified Level 3 status for its Secure Vault technology, marking a significant advancement in IoT security solutions. This certification, recognized for delivering top-tier hardware and software protection, enhances defenses against both software and hardware attacks. According to the company, this milestone solidifies its leadership in IoT security, which is crucial as the threat landscape evolves. Secure Vault, launched in 2020, includes features designed to address rising IoT security challenges and ensures authenticity and protection of devices.

Silicon Labs (NASDAQ: SLAB) released its 2020 Annual Report to Shareholders and 2021 Proxy Statement on March 10, 2021. The reports are available on the company’s Investor Relations page. Shareholders can request hard copies by calling or emailing the company. Silicon Labs specializes in silicon, software, and solutions focusing on performance, energy efficiency, connectivity, and ease of use in various sectors including IoT and automotive. These documents provide insights into the company’s activities, financial results, and governance.