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Why Silicon Labs Stock Jumped Today

TheMotleyFool

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Shares of Silicon Labs (NASDAQ: SLAB) have jumped today, up by 9% as of 1:20 p.m. EDT, after the company reported first-quarter earnings results this morning. The chipmaker also said yesterday that it had closed its acquisition of Redpine Signals' connectivity business.

Revenue in the first quarter came in at $214.9 million, crushing the consensus estimate of $202.2 million. Internet of Things (IoT) revenue was $118 million, while infrastructure and automotive sales totaled $97 million. That led to adjusted earnings of $0.69 per share. Analysts were looking for just $0.51 per share in adjusted profit.

Image source: Getty Images.

Source Fool.com

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