Why Silicon Laboratories Stock Was Falling Today
Shares of Silicon Laboratories (NASDAQ: SLAB) were down 9.5% as of 10:02 a.m. ET on Wednesday after the company reported second-quarter earnings. The stock is up 44% over the last five years but is underperforming the Nasdaq's rally this year, up only 5.6% compared to 35% for the index.
The company beat revenue and earnings expectations in the second quarter, but management guided below the consensus estimates for the third quarter, which sent the stock tumbling.
For the recent quarter, revenue was down 7% year over year, but in line with management's expectations. Wireless technology demand in the industrial business was offset by weakness in the home and life business, which supplies its leading wireless products to manufacturers of smart-home and connected-health devices.
Source Fool.com
