said its first-quarter earnings fell 36.2% from the year-ago period, on increased operating expenses.
Shares dropped 9% Monday.
The Austin, Texas-based company earned $11.1 million, or 19 cents a share, in the quarter, compared with $17.4 million, or 31 cents a share, a year ago. Adjusted for items, earnings were $19.2 million, or 33 cents a share, in the most recent quarter. On that basis, analysts surveyed by Thomson First Call were expecting earnings of $18.3 million, or 32 cents a share in the most recent quarter.
First-quarter revenue rose 9.3% from a year ago to $114.5 million, surpassing analysts' expectation of $112.6 million in the most recent quarter.
The company expects revenue of $116 million to $120 million in the second quarter while analysts expect $117.2 million.
"We are pleased with the healthy demand for our products and the progress we have made preparing our recently launched products for mass production," the company said. "We are focused on product execution and on winning new market and customer opportunities to establish a solid foundation for continued growth."
First-quarter gross profit rose 12.5% from a year-ago period to $63.2 million and gross margin remained flat at 0.1%. Operating income fell 44.4% from a year ago to $11 million and operating margin decreased marginally to 0.01%.
By segment, ProSLIC revenue rose 60% from a year-ago period.
Silicon Labs shares fell $5.09 to $51.14.
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