SiTime Reports Second Quarter 2020 Financial Results

SANTA CLARA, Calif., Aug. 05, 2020 (GLOBE NEWSWIRE) -- SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today announced financial results for the second quarter ended June 30, 2020.
Net revenue in the second quarter of 2020 was $21.5 million, a 35.5% increase from the $15.8 million in the second quarter of 2019.Generally Accepted Accounting Principles (GAAP) ResultsIn the second quarter of 2020 gross margins were $10.0 million, or 46.5% of revenue, operating expenses were $15.3 million, or 71.0% of revenue, GAAP loss from operations was $5.3 million, or 24.5% of revenue and net loss was $5.6 million, or $0.36 per diluted share.Total cash and cash equivalents were $102.5 million on June 30, 2020.