Silicon Motion lowers 3Q revenue expectations

Silicon Motion Technology expects 3Q revenue at lower end of its previous forecast

Associated Press

NEW YORK (AP) -- The chipmaker Silicon Motion Technology Corp. said Friday that it expects its third-quarter revenue will be at the lower end of its prior forecast.

The company, which is based in Taiwan, previously predicted that its revenue would be down 2.5 percent to up 2.5 percent from the second quarter. Based on second-quarter revenue of $58.3 million, this implies approximately $56.9 million to $59.7 million.

Analysts polled by FactSet predict $58.5 million in revenue.

Silicon Motion is expected to report its third-quarter financial results on Oct. 24.

Its stock fell 10 cents to $13.05 in morning trading. Its shares have fallen 19 percent since hitting a 52-week high of $16.19 in February.

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