Fabless global technology company Silicon Laboratories Inc (NASDAQ:SLAB) reported fiscal second-quarter 2024 sales of $145.37 million, down 40.6% year-over-year, beating the analyst consensus estimate of $140.16 million.

The fabless global technology company's adjusted EPS loss of 56 cents beat the analyst consensus loss estimate of $(0.64).

Margins: Adjusted gross margin of 53% and adjusted operating margin loss of 17.3% fell from 58.9% and 16.3% a year ago, respectively.

Industrial & Commercial revenue for the quarter was $88 million, down from $165 million a year ago. Home & Life revenue for the quarter was $57 million, down from $80 million a year earlier.

CEO Matt Johnson said, "Looking forward, we expect revenue growth to continue in the third quarter as excess inventory is further reduced, design wins continue ramping, and bookings improve."

Outlook: Silicon Lab expects a third-quarter revenue of $160 million – $170 million below the consensus of $172.76 million.

The company projects an adjusted EPS loss of 10 cents – 30 cents against the consensus loss estimate of $(0.18).

Silicon Laboratories stock plunged over 25% in the last 12 months.

Price Action: SLAB shares closed lower by 0.53% at $116.24 at Tuesday.

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