Silicon Laboratories net income falls 38 percent

Silicon Laboratories 2nd-quarter net income falls 38 pct; revenue outlook misses expectations

Associated Press

AUSTIN, Texas (AP) -- Shares of Silicon Laboratories Inc. fell Thursday after the chip maker said that its second-quarter net income fell 38 percent because of acquisition-related costs. The company also reported a revenue outlook for the current quarter that missed Wall Street expectations.

The Austin, Texas-based company said that it earned $12.6 million, or 29 cents per share, in the three months ending June 29. That's down from $20.5 million, or 47 cents per share, a year earlier.

Excluding stock compensation and other one-time items, the company said that it earned 50 cents per share.

That matched Wall Street expectations, according to FactSet.

Revenue rose over 4 percent to $141.5 million in the second quarter from $135.7 million. That's below the $143.7 million analysts expected, according to FactSet.

For the third quarter, the company expects revenue to come in between $144 million and $149 million. That's below the $152.3 million analysts had previously projected, according to FactSet.

Silicon Laboratories said that on July 1 it closed on its acquisition of Energy Micro, a maker of energy-efficient microcontrollers and radios.

Shares of Silicon Laboratories fell $5.26, or 11.8 percent, to $39.40 in afternoon trading Thursday.

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