Silicon Laboratories shares jump on 3Q earnings
AUSTIN, Texas (AP) — Shares of chipmaker Silicon Laboratories Inc. jumped more than 12 percent Wednesday after the company announced record third-quarter revenue.
But Silicon Laboratories' net profit fell 11.5 percent because of one-time charges for an acquisition, stock compensation and other items. The company said it made $10 million, or 24 cents per share, compared with $11.3 million, or 26 cents per share, a year earlier. Revenue grew 25.5 percent to $149.5 million.
Excluding the one-time items, Austin, Texas, company made 61 cents per share. That soundly beat Wall Street estimates. Analysts polled by FactSet expected earnings of 52 cents per share on revenue of $142.5 million.
Silicon Laboratories expects fourth-quarter revenue to range from $145 million to $150 million, also beating Wall Street expectations. Analysts predicted fourth-quarter revenue of $142.2 million, below the low end of the company's range.
Shares were up $4.52, or 12.5 percent, to $40.63 in afternoon trading.