SiTime Corp (NASDAQ: SITM) shares surged 5.43% in pre-market trading on Friday, following the company's announcement of its full-year 2024 financial results.
The semiconductor company reported revenue of $202.7 million for the fiscal year 2024, up 41% from the previous year and exceeding analyst estimates by 2%. While SiTime reported a net loss of $93.6 million, or $4.05 per share, missing analyst expectations by 5.7%, investors appear to be focusing on the company's robust revenue growth.
Looking ahead, SiTime forecasts revenue growth of 21% per annum on average during the next three years, outpacing the projected 17% growth for the broader US semiconductor industry. This positive outlook, coupled with the company's strong revenue performance in 2024, likely contributed to the stock's significant pre-market surge.
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