Silicon Labs (NASDAQ: SLAB) reported Q1 EPS of $0.59, $0.12 better than the analyst estimate of $0.47. Revenue for the quarter came in at $188.1 million versus the consensus estimate of $188.03 million.

First Quarter Financial Highlights

• IoT revenue declined to $106 million, down 11% sequentially and up 3% year-on-year.
• Infrastructure revenue was about flat sequentially at $46 million, down 7% year-on-year.
• Broadcast revenue declined to $26 million, down 25% sequentially and 27% year-on-year.
• Access revenue declined to $10 million, down 36% sequentially and 43% year-on-year.
• Non-GAAP gross margin was 61.8%.
• Non-GAAP R&D expenses were $48 million.
• Non-GAAP SG&A expenses were $40 million.
• Non-GAAP operating income as a percentage of revenue was 14.9%.

"We exited 2018 with strong design win momentum and leading positions in key secular growth markets," said Tyson Tuttle, CEO of Silicon Labs. "Despite macro turbulence, Q1 bookings were robust, signaling a Q2 rebound. We believe we are well-positioned to outperform the market."

GUIDANCE:

Silicon Labs sees Q2 2019 EPS of $0.70-$0.80, versus the consensus of $0.63. Silicon Labs sees Q2 2019 revenue of $202-212 million, versus the consensus of $201.53 million.

• Non-GAAP gross margin at approximately 60.5%.
• Non-GAAP operating expenses at approximately $89.0 million.
• Non-GAAP effective tax rate at 12.0%.

For earnings history and earnings-related data on Silicon Labs (SLAB) click here.