Silicon Labs uncovers weakness in internal controls, delays Q4 earnings call

The company states: “Silicon Labs announced a one-week delay to its scheduled earnings conference call for the quarter ended on December 30, 2023. The company has determined that a material weakness in internal control related to the operation and documentation of certain inventory controls existed as of December 30, 2023. The delay in reporting allows additional time to evaluate the impact, if any, of the material weakness on the company’s financial reporting as of the end of the quarterly period. As of the date of this release, the company has not identified any misstatements in its previously issued financial statements, and it expects to file its Form 10-K in a timely manner by the end of February 2024. The company will release its fourth quarter 2023 financial results on Wednesday, February 7, 2024.”