What happened

Shares of Silicon Laboratories (NASDAQ:SLAB) rose 11% on Wednesday after the fabless semiconductor specialist announced strong second-quarter 2017 results.

So what

Quarterly revenue rose 8.7% year over year to $190.1 million, and translated to 6.5% growth in GAAP net income to $16.6 million, or $0.38 per diluted share. On an adjusted basis, which excludes items like stock-based compensation and acquisition expenses, Silicon Labs generated earnings of $0.79 per share. By comparison, three months ago, Silicon Labs told investors to expect second-quarter revenue of $184 million to $189 million, GAAP net income per share of $0.27 to $0.33, and adjusted net income per share between $0.68 and $0.74.

Silicon labs chips

IMAGE SOURCE: SILICON LABS.

Silicon Labs CEO Tyson Tuttle noted that product revenue climbed 12% year over year during the quarter, while Internet of Things revenue exceeded 50% of the company's total.

"Our strategy is coming together as we focus on core strategic growth drivers and capture share in target markets," Tuttle added.

Now what

Looking forward, Silicon Labs anticipates third-quarter revenue in the range of $193 million to $199 million, GAAP earnings per share of between $0.35 and $0.41, and adjusted earnings per share between $0.78 and $0.84. By comparison -- and though we don't usually pay close attention to Wall Street's demands -- consensus estimates predicted third-quarter revenue and earnings would be near the low ends of Silicon Labs' respective guidance ranges.

In the end, this was a straightforward quarterly beat from Silicon Labs, and it's no surprise to see the stock up big today.

Steve Symington has no position in any stocks mentioned. The Motley Fool recommends Silicon Laboratories. The Motley Fool has a disclosure policy.