2023-04-28 12:11:28 ET
Silicon Labs (NASDAQ: SLAB) investors lost ground to the market this week. The semiconductor tech specialist's stock fell 18% through Thursday trading compared to a flat result for the S&P 500 , according to data provided by S&P Global Market Intelligence . This move pushed Silicon Labs' shares to flat returns so far in 2023, compared to an 8% increase in the wider market.
The decline was sparked by a Q1 earnings update that left many tech investors wanting more.
Silicon Labs said in a Wednesday announcement that sales rose by just 6% in the quarter that ended in early April. That result marked a sharp slowdown from the 23% revenue increase that shareholders saw in the previous quarter. Management described a challenging selling environment as economic growth rates slowed and companies became more cautious around tech spending.
For further details see:
Why Silicon Labs Stock Fell Hard This Week