Sitime Corporation (SITM)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	82,088	182,962	139,462	57,932	39,558
Revenue	US$ in thousands	143,993	283,605	218,808	116,156	84,074
Gross profit margin		57.01%	64.51%	63.74%	49.87%	47.05%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $82,088K ÷ $143,993K
= 57.01%

SiTime Corp's gross profit margin has shown varying trends over the past five years. In 2023, the gross profit margin decreased to 57.01% from 64.51% in 2022, indicating a decline in the profitability of the company's core operations. However, compared to 2020 and 2019, the gross profit margin has improved significantly, reflecting better cost management and pricing strategies. Despite the recent decrease, the current gross profit margin remains relatively high, suggesting that SiTime Corp effectively controls its production costs and generates a healthy margin on its products. Further analysis is recommended to understand the specific factors driving the changes in the gross profit margin over the years.