Silicom Ltd. (NASDAQ: SILC) shares prosper Thursday, as the Israeli-based company, claiming to be a leading provider of high-performance networking and data infrastructure solutions, reported its financial results for the third quarter ended September 30, 2024.
Silicom's revenues for the third quarter of 2024 were $14.8 million compared with $30.1 million for the third quarter of 2023.
On a GAAP basis, the company's net loss for the quarter totalled $2.6 million, or $0.44 per ordinary share (basic and diluted), compared with net income of $1.2 million, or $0.18 per ordinary share (basic and diluted), for the third quarter of 2023.
On a non-GAAP basis, net loss for the quarter totalled $1.7 million, or $0.28 per ordinary share (basic and diluted), compared with net income of $2.1 million, or $0.30 per ordinary share (basic and diluted), for the third quarter of 2023.
CEO Liron Eizenman commented "During the third quarter, we continued to progress towards our mid- and long-term goals while dealing responsibly with our short-term challenges. While we continue to be negatively impacted by excess inventories built by specific customers in previous years - whether in reaction to supply chain disruptions only or in combination with slower-than-expected sales of their new products and services - we believe we will see improvement in the situation during 2025 and a resolution by the end of 2025."
SILC shares strengthened 19 cents, or 1.4%, to $13.79.
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