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Mar 31, 2024
SiTime Q1 2024 Earnings Report
Reported a decrease in revenue compared to the previous quarter, with GAAP and non-GAAP losses from operations.
Key Takeaways
SiTime reported first quarter 2024 financial results with a decrease in revenue compared to the prior quarter. The company experienced GAAP and non-GAAP losses from operations, but the CEO expressed optimism for sustained growth in Q2 and beyond due to investments in product portfolio expansion.
Net revenue was $33.0 million, a 22% decrease from the prior quarter.
GAAP gross margins were 53.5% of revenue.
GAAP net loss was $28.7 million, or $1.26 per diluted share.
Non-GAAP net loss was $1.9 million, or $0.08 per diluted share.
SiTime
SiTime
Forward Guidance
SiTime's CEO indicated expectations for sustained growth in Q2 and beyond, based on investments in expanding the product portfolio, including the latest Chorus clock generators. However, specific details about the forward guidance were not available in the provided text.