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Silicon Motion: 1Q Earnings Snapshot

KOWLOON, Taiwan (AP) _ Silicon Motion Technology Corp. (SIMO) on Thursday reported first-quarter earnings of $8.3 million.

On a per-share basis, the Kowloon, Taiwan-based company said it had profit of 23 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 42 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The chip company posted revenue of $94.7 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $95 million.

For the current quarter ending in July, Silicon Motion said it expects revenue in the range of $100 million to $109 million.

Silicon Motion shares have increased 9.5% since the beginning of the year. The stock has fallen 18% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SIMO at https://www.zacks.com/ap/SIMO