SiTime Q2 Revenue Soars 127% to $157M, Non-GAAP EPS $2.34
SITM has more than doubled off its 52-week low of $187.56.
Summary
SiTime delivered a blowout Q2 with revenue up 127% YoY to $157.4 million, driven by 181% growth in the CED segment. Non-GAAP EPS of $2.34 handily beat expectations, and gross margins held strong at 67.1%. The results reflect organic momentum ahead of the July 1 close of the Renesas timing business acquisition, which added over 550 clocking products. The company also granted 109,689 RSUs to 168 new hires, mostly from the Renesas deal, signaling integration is underway. With $1.92 billion in cash post-convertible offering, SiTime is well-capitalized to execute on its expanded portfolio. The conference call outlook will be key for gauging combined-company guidance.
At the time of this announcement, SITM was trading at $550.50 on NASDAQ in the Technology sector, with a market capitalization of approximately $14.3B. The 52-week trading range was $187.56 to $901.81. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.