MEMS vendor raises third quarter guidance
The company had forecast early in August that it would achieve revenue of between $28 million and $29 million in the 3Q20. It now states that 3Q20 revenue will be at least 10 percent higher than its previous guidance at between $31 million and $32 million.
This includes initial revenue from a new design win at a large existing customer, SiTime said (see Apple’s role revealed as lossy SiTime files for IPO).
SiTime was able to get an initial public offering shares away in November 2019 despite being a loss-making company. In the first half of 2020 the company has been impacted by the Covid-19 pandemic and so continued to be loss making.
In 1H20 SiTime made a net loss of $10.7 million on revenue of $43.2 million, which compares with a net loss of $8.3 million on revenue of $30.7 million in 1H19.
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