Why Silicon Laboratories Stock Is Soaring Today

Shares of Silicon Laboratories (NASDAQ: SLAB) were up 19.1% as of 2:04 p.m. EDT on Wednesday after the company delivered revenue and non-GAAP earnings per share (EPS) that were well ahead of estimates. Silicon Labs is coming off a record year in 2020, where revenue increased by a modest 6% during the pandemic to reach $887 million. The latest results reflect the longer-term trends continuing to boost demand for its technology for the Internet of Things (IoT) market, with notable strength in home automation, smart retail, and portable products across medical, sports, and fitness.