FX.co ★ SiTime Stock Rises As Q1 Loss Narrower Than Street Estimates

Shares in SiTime Corp. (SITM) have surged by over 29 percent in early trading on Thursday following the company's announcement of a first-quarter loss that was less significant than anticipated.

SiTime reported that its losses for the quarter amounted to $28.7 million, or $1.26 per share. This is an increase over the previous first quarter, where losses totaled $19.9 million or $0.89 per share.

However, if one disregards certain unique items, the company's loss is slightly less severe, standing at $1.9 million or $0.08 per share. For comparison, during the same quarter in the previous year, SiTime posted a profit of $5.5 million or $0.24 per share.

Analysts who were surveyed by Thomson Reuters had predicted a loss of $0.15 per share; an estimate that generally omits special items.

SiTime experienced a decline in their revenue for the quarter dropping to $33.02 million from the previous year's $42.4 million.

Currently, SiTime's stock has risen by 29.31 percent, hitting $125.33 on the Nasdaq, a significant increase from the previous close of $96.92. Over the past year, shares have been traded between $72.39 and $141.99.