What is the company's revenue growth rate for the second quarter of 2022 compared to the first quarter of 2022 
 customers' visibility, we are, therefore, now comfortable with our earlier guidance of 35% annual growth for 2022. In line with that, we will manage our expenses prudently in the second half of this year. But our original thesis remains intact. We firmly believe that our longer-term top line growth will be 30% or more driven by the SAM expansion to $4 billion, the greater need for precision timing and fulfillment of those needs uniquely by SiTime.
We also continue to see a long-term financial model of 65% gross margin and 30% net income as being intact. We continue to invest significantly in the development of new precision timing products. In 2022 itself, we will sample six of these oscillators and clocks. These address the macro trends that I referred to that are transforming electronics, high-bandwidth communications, cloud, EV and IoT.
With these, we are confident in our ability to transform the electronics industry driven by greater adoption of these products. We expect that the stellar comms enterprise performance will continue into the second half with the volume ramping up of applications like 400G, 800G optical modules and data center switches. In our last call, we talked about a clock family with 200 customers by the end of '22, and that strength continues. 60% Of the Cascade, the clock family, revenue in '22 and '23 will now come from midcars, 5G RRU, and backhaul.
Our investment in this segment is working. In 2022, comms enterprise is expected to grow to over 25% of our revenue compared to 16% last year in 2021. For example, again, our Elite product is expected to grow three times in revenue over 2021. The value and uniqueness of SiTime products is also clearly on display at our largest customer, which is in the mobile IoT consumer segment.
Our revenue here continues to grow strongly in the second half of 2022, and the design win funnel continues to grow strongly as well. In the previous call, we have spoken about the strength of aero defense business. We're now engaged with the top defense contractors worldwide and our funnel continues to grow as they discover the strength of our unique precision timing products. The uniqueness of these SiTime products comes from the uniqueness of SiTime technology.
We've always maintained that our MEMS, analog circuits and the systems, putting it together to deliver a system solution is hard to do. In the past decade, we have not seen a credible competitor that is using similar technologies, and we don't see one on the horizon currently. A great advantage for SiTime during the turmoil of the past two years has been the flexibility and the solidity of our supply chain. We've made great inroads with customers because our supply chain has been proven to be superior to that of our existing -- to that of the existing suppliers in the market today.
That strength continues due to the support of TSMC, Bosch and our OSAT partners. Given that a majority of our customers are single sourced, our supply chain strength continues to be a competitive advantage for SiTime. In conclusion, as a category creator of precision timing, SiTime is uniquely positioned to transform this industry. We believe that our long-term growth and market share gains will continue unabated in the future.
With that, I'll now turn it over to Art Chadwick, our CFO.
Art Chadwick -- Chief Financial Officer
Great. Thanks, Rajesh, and good afternoon, everyone. Today, I'll discuss second quarter results and provide some comments on Q3 and the year. I'll focus my discussion on non-GAAP financial results and refer you to today's press release for a detailed description of our GAAP results, as well as a reconciliation of GAAP to non-GAAP results.
So as Rajesh mentioned, Q2 was a record revenue quarter for us. Revenue was $79.4 million, up 13% sequentially and up 78% over the same quarter last year with exceptional strength in our higher-end, higher-performance products. Sales into our mobile IoT and consumer segment, which consists of sales into mobile phones, wearable devices and consumer products, were $27.0 million or 
 customers' visibility, we are, therefore, now comfortable with our earlier guidance of 35% annual growth for 2022. In line with that, we will manage our expenses prudently in the second half of this year. But our original thesis remains intact. We firmly believe that our longer-term top line growth will be 30% or more driven by the SAM expansion to $4 billion, the greater need for precision timing and fulfillment of those needs uniquely by SiTime.
We also continue to see a long-term financial model of 65% gross margin and 30% net income as being intact. We continue to invest significantly in the development of new precision timing products. In 2022 itself, we will sample six of these oscillators and clocks. These address the macro trends that I referred to that are transforming electronics, high-bandwidth communications, cloud, EV and IoT.
With these, we are confident in our ability to transform the electronics industry driven by greater adoption of these products. We expect that the stellar comms enterprise performance will continue into the second half with the volume ramping up of applications like 400G, 800G optical modules and data center switches. In our last call, we talked about a clock family with 200 customers by the end of '22, and that strength continues. 60% Of the Cascade, the clock family, revenue in '22 and '23 will now come from midcars, 5G RRU, and backhaul.
Our investment in this segment is working. In 2022, comms enterprise is expected to grow to over 25% of our revenue compared to 16% last year in 2021. For example, again, our Elite product is expected to grow three times in revenue over 2021. The value and uniqueness of SiTime products is also clearly on display at our largest customer, which is in the mobile IoT consumer segment.
Our revenue here continues to grow strongly in the second half of 2022, and the design win funnel continues to grow strongly as well. In the previous call, we have spoken about the strength of aero defense business. We're now engaged with the top defense contractors worldwide and our funnel continues to grow as they discover the strength of our unique precision timing products. The uniqueness of these SiTime products comes from the uniqueness of SiTime technology.
 We've always maintained that our MEMS, analog circuits and the systems, putting it together to deliver a system solution is hard to do. In the past decade, we have not seen a credible competitor that is using similar technologies, and we don't see one on the horizon currently. A great advantage for SiTime during the turmoil of the past two years has been the flexibility and the solidity of our supply chain. We've made great inroads with customers because our supply chain has been proven to be superior to that of our existing -- to that of the existing suppliers in the market today.
That strength continues due to the support of TSMC, Bosch and our OSAT partners. Given that a majority of our customers are single sourced, our supply chain strength continues to be a competitive advantage for SiTime. In conclusion, as a category creator of precision timing, SiTime is uniquely positioned to transform this industry. We believe that our long-term growth and market share gains will continue unabated in the future.
With that, I'll now turn it over to Art Chadwick, our CFO.
Art Chadwick -- Chief Financial Officer
Great. Thanks, Rajesh, and good afternoon, everyone. Today, I'll discuss second quarter results and provide some comments on Q3 and the year. I'll focus my discussion on non-GAAP financial results and refer you to today's press release for a detailed description of our GAAP results, as well as a reconciliation of GAAP to non-GAAP results.
So as Rajesh mentioned, Q2 was a record revenue quarter for us. Revenue was $79.4 million, up 13% sequentially and up 78% over the same quarter last year with exceptional strength in our higher-end, higher-performance products. Sales into our mobile IoT and consumer segment, which consists of sales into mobile phones, wearable devices and consumer products, were $27.0 million or 