What happened

Shares of Silicon Laboratories (NASDAQ:SLAB) rose 33.1% in April 2019, according to data from S&P Global Market Intelligence. At the heart of the fabless semiconductor designer's surge, you'll find a solid first-quarter earnings report.

So what

Silicon Labs saw revenues fall 6% year over year to $188 million, a rounding error above Wall Street's consensus estimates. On the bottom line, earnings slid 32% lower to $0.59 per share but still cleared analysts' $0.47 projection with plenty of room to spare. Looking ahead, the company also offered second-quarter guidance well ahead of the Street consensus at the time. Share prices jumped more than 14% higher the next day.

Using tweezers, a technician is installing a microchip on a circuit board.

Image source: Getty Images.

Now what

Management sees healthy near-term growth in its broadcast, access, and IoT segments. Silicon Labs also introduced several new products supporting those target markets in the first quarter. It's no surprise to see investors embracing this strong report at a time when semiconductor sales have been hit and miss in general, even for the beefiest titans of the sector.

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