Why Silicon Laboratories Stock Crushed the Market on Wednesday

Silicon Labs (NASDAQ: SLAB) was a tech-sector outperformer on the stock market Wednesday. The Internet of Things (IoT) components maker saw its shares close the day more than 4% higher, well ahead of the 0.2% gain of the S&P 500 index. Investors were clearly impressed by the company's freshly released first-quarter results.

Wednesday morning, Silicon Labs revealed that for the period, it took in revenue of $234 million. This was 48% higher than the corresponding quarter of 2021. The company's non-GAAP (adjusted) net profit was $41.5 million ($1.05 per share), which was slightly below first-quarter 2021's $41.7 million.

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Source Fool.com