SiTime Corporation

SITM

Equity

ISIN US82982T1060 / Valor 50784323

NASDAQ (2024-09-17)

USD 153.47+3.54%

SiTime Corporation
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About company

SiTime Corporation is a leading provider of MEMS timing solutions that help improve the performance and battery life of electronic devices. The company's innovative technology is utilized in a variety of products across different industries, enabling customers to enhance their experiences and pursue their passions. SiTime's precision timing solutions play a crucial role in optimizing the functionality of electronic devices, making them more efficient and reliable for users.

Summarized from source with an LLMView SourceSector: Technology

Revenue Growth

SiTime Corporation reported net revenue of $43.9 million for the second quarter of 2024, marking a 33% increase from the previous quarter's $33.0 million and a 58% rise compared to the same period last year. This growth was driven by heightened demand across all market segments, particularly in communications, enterprise, and datacenters.

GAAP Financial Performance

In the second quarter of 2024, SiTime Corporation's GAAP gross profit was $21.5 million, representing 49.1% of revenue. However, the company reported a GAAP net loss of $26.8 million, or $1.16 per diluted share, primarily due to high operating expenses totaling $53.8 million.

Non-GAAP Financial Performance

SiTime Corporation's non-GAAP gross profit for Q2 2024 was $25.3 million, or 57.7% of revenue. The company achieved a non-GAAP net income of $2.8 million, or $0.12 per diluted share, after adjusting for stock-based compensation, amortization of acquired intangibles, and acquisition-related expenses.

Cash and Investments

As of June 30, 2024, SiTime Corporation held total cash, cash equivalents, and short-term investments amounting to $452.5 million. This financial position includes the payment of $68.6 million related to the Aura transaction during the quarter.

Outlook and Market Position

SiTime Corporation's CEO, Rajesh Vashist, highlighted that the company's diversified product portfolio and strong customer relationships position it well to capitalize on the rising demand for AI. The investments made over the past five years have enabled SiTime to meet the industry's precision timing needs effectively.

Summarized from source with an LLMView Source

Key figures

33.0%1Y

-31.7%3Y

%5Y

Performance

60.7%1Y

74.3%3Y

78.1%5Y

Volatility