Silicon Motion: 2Q Earnings Snapshot
HSINCHU COUNTY, Taiwan (AP) _ Silicon Motion Technology Corp. (SIMO) on Tuesday reported second-quarter profit of $26.5 million.
On a per-share basis, the Hsinchu County, Taiwan-based company said it had profit of 75 cents. Earnings, adjusted for non-recurring gains, came to 52 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.
The chip company posted revenue of $98.8 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $97.8 million.
For the current quarter ending in October, Silicon Motion said it expects revenue in the range of $104 million to $108 million.
The company expects full-year revenue in the range of $420 million to $428 million.
Silicon Motion shares have increased 18% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $40.86, a decline of 23% in the last 12 months.