Profit Slips at Silicon Labs

The company's CEO has resigned to pursue other interests.
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First-quarter revenue and profit slipped at Silicon Laboratories (SLAB) - Get Report, although the results beat analysts' estimates.

In addition, the company said President and CEO Daniel Artusi resigned to pursue other interests.

Silicon Labs' shares were off in after-hours trading, falling to $29.93 after closing the regular session at $30.80.

The communications-chip maker said after the bell Monday that first-quarter net income fell to $17.4 million, or 31 cents a share, from $19.9 million, or 36 cents a share a year earlier.

Revenue fell to $104.8 million from $113.6 million.

A Thomson First Call survey of analysts had expected, on average, the company to earn 26 cents a share on revenue of $103.1 million.

During the quarter, the broad-based mixed-signal business posted stronger than expected growth, and mobile handset revenue rebounded, the company said. Mobile handset revenue increased by 9%.

The company expects revenue of $105 million to $108 million in the second quarter. The First Call consensus is $108.5 million.

Nav Sooch, chairman of the board, was named as interim chief executive officer.