Silicon Labs reports Q1 adjusted EPS (92c), consensus (98c)

Reports Q1 revenue $106M, consensus $105.08M. “Silicon Labs delivered strong sequential growth in the first quarter, driven by progress in end-customer inventory destocking in both the Home & Life and Industrial & Customer business units,” said Matt Johnson, President and Chief Executive Officer at Silicon Labs. “While we are still in the early stages of the recovery, we expect revenue growth to accelerate in the second quarter as excess inventory is further reduced, bookings improve, and design wins continue to ramp.”