Why Silicon Labs Stock Is Rising Fast Today
Shares of Silicon Labs (NASDAQ: SLAB), an Internet of Things components maker, were skyrocketing Wednesday morning after the company easily beat Wall Street's consensus estimates for both earnings and revenue in the fourth quarter.
Investors were pleased with the company's financial results, sending the Internet of Things stock up by 13.6% as of 10:50 a.m. ET.
Silicon Labs reported non-GAAP (adjusted) earnings of $1.31 per share in the fourth quarter, which was an increase of 70% from the year-ago quarter and far ahead of analysts' average estimate of $0.98 per share.
Source Fool.com
