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Logo NEWS RELEASE Silicon Labs Announces Record Revenue for Second Quarter 2021 7/28/2021 Strong Execution in Supply - Constrained Market Delivers Record loT Revenue AUSTIN , Texas , July 28 , 2021 / PRNewswire / -- Silicon Labs ( NASDAQ : SLAB ) , a leader in secure , intelligent wireless technology for a more connected world , reported strong financial results for the second quarter , which ended July 3 , 2021. Revenue exceeded the top of the guidance range at $ 278 million , and revenue from the Internet of Things business ( loT ) ended at a record high of $ 169 million , up seven percent sequentially and 48 percent year - on - year . Second quarter GAAP and non - GAAP diluted earnings per share ( EPS ) were $ 0.44 and $ 1.05 , respectively . " We continue to capitalize on the increased adoption , growth and diversity of the global loT market , " said Silicon Labs CEO Tyson Tuttle . " Achieving another quarter of record revenue , robust bookings , and strong design wins amid a tight supply chain environment is a testament to our powerful development platform , performance - driven team , and purpose - oriented culture . " Earlier in the week , Silicon Labs accomplished another major milestone , completing the divestiture of its Infrastructure and Automotive ( I & A ) businesses to Skyworks Solutions , Inc. ( NASDAQ : SWKS ) for $ 2.75 billion in an all - cash transaction , the proceeds of which have been fully funded . Silicon Labs is now reporting revenue from the divested products as " discontinued operations " and from loT as " continuing operations . " Second Quarter Financial Highlights • loT revenue from continuing operations increased to $ 169 million , up seven percent sequentially and 48 percent year - on - year I & A revenue from discontinued operations increased to $ 108 million , up 11 percent sequentially and 16 percent year - on - year Results from continuing operations on a GAAP basis : ● GAAP gross margin was 56.8 % • GAAP R & D expenses were $ 65 million • GAAP SG & A expenses were $ 43 million ● GAAP operating loss as a percentage of revenue was ( 6,8 ) % • GAAP loss per share was $ ( 0.41 ) Results from continuing operations on a non - GAAP basis , excluding the impact of stock compensation , amortization of acquired intangible assets , restructuring charges , non - cash interest expense and other costs associated with convertible notes , and certain other items as set forth in the reconciliation tables were as follows : Non - GAAP gross margin was 56.9 % • Non - GAAP R & D expenses were $ 51 million ● Non - GAAP SG & A expenses were $ 34 million ● 1