SiTime Corp. (SITM) Tops Q1 EPS by 9c

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Go back to SiTime Corp. (SITM) Tops Q1 EPS by 9c

SiTime Reports First Quarter 2023 Financial Results

May 3, 2023 4:05 PM EDT

SANTA CLARA, Calif., May 03, 2023 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), the precision timing company, today announced financial results for the first quarter ended March 31, 2023.

Net revenue in the first quarter of 2023 was $38.3 million, a 37.0% decrease from the $60.8 million in the fourth quarter of 2022.

Generally Accepted Accounting Principles (GAAP) Results

In the first quarter of 2023, GAAP gross margins were $23.0 million, or 60.1% of revenue, GAAP operating expenses were $45.2 million, GAAP loss from operations was $22.1 million, and GAAP net loss was $16.5 million, or $(0.76) per basic... More