Israeli firm Silicom (Nasdaq SILC), which offers networking and knowledge infrastructure options, reported its monetary outcomes for the fourth quarter of 2023 immediately, and introduced a five-year strategic plan that features the layoffs of seventy staff, 22.5% of its workforce.
Most of Silicom’s staff are in Israel, and its head workplace is in Kfar Sava. On the finish of 2022, the corporate had 246 staff in Israel, and some dozen extra within the US and Denmark. In 2023, its income fell 17.6%, to $124 million, and it swung to a internet loss, of $3 million, following a $9.6 million write down of intangible belongings. On a non-GAAP foundation, Silicom posted a internet revenue of $10.2 million, 51.8% decrease than in 2022.
“The principle goal of the 5-12 months Strategic Plan is to create vital shareholder worth over time, rising Earnings Per Share (EPS) step by step to above $3 in 2028,” the corporate stated in its announcement. This compares with EPS of $1.52 in 2023. The corporate harassed the power of its stability sheet, with money and securities of $140 million, amounting to $21 per share. It plans to purchase again 1.6 million of its shares over two years.
Silicom president and CEO Liron Eizenman stated, “”We face a tricky transition interval fueled by macro-economic headwinds and buyer drawdowns of stockpiled inventories. We consider that our 5-12 months Strategic Plan will permit us to return Silicom to gradual and regular development of our revenues and EPS, creating vital worth for our shareholders even in instances of market volatility.”
Silicom has a market cap of $116 million.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on February 1, 2024.
© Copyright of Globes Writer Itonut (1983) Ltd., 2024.
