Silicon Labs (SLAB 1.16%) was a tech-sector outperformer on the stock market Wednesday. The Internet of Things (IoT) components maker saw its shares close the day more than 4% higher, well ahead of the 0.2% gain of the S&P 500 index. Investors were clearly impressed by the company's freshly released first-quarter results.
Wednesday morning, Silicon Labs revealed that for the period, it took in revenue of $234 million. This was 48% higher than the corresponding quarter of 2021. The company's non-GAAP (adjusted) net profit was $41.5 million ($1.05 per share), which was slightly below first-quarter 2021's $41.7 million.
Both headline numbers were well above the collective analyst estimates. These anticipated just over $226 million on the top line and merely $0.64 for adjusted, per-share net profit.
Although IoT isn't the hot area of investor interest it once was, it's still lively enough for Silicon Labs to benefit. In the earnings release, the company quoted its CEO Matt Johnson as saying that, "Demand for our solutions remains strong, and our design win momentum is accelerating across our wireless portfolio and in both our industrial and commercial and home and life end markets."
The growth train should keep rolling along for Silicon Labs, at least according to its guidance. The tech company said it expects to book $245 million to $255 million in revenue for its current (second) quarter. Landing within that range would mean year-over-year growth of at least 45%. Per-share net profit, meanwhile, should be $0.85 to $0.95.