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Silicon Motion: 1Q Earnings Snapshot

HSINCHU COUNTY, Taiwan (AP) _ Silicon Motion Technology Corp. (SIMO) on Tuesday reported first-quarter earnings of $25.9 million.

The Hsinchu County, Taiwan-based company said it had net income of 74 cents per share. Earnings, adjusted for non-recurring costs, were 80 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.

The chip company posted revenue of $132.8 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $131.3 million.

For the current quarter ending in July, Silicon Motion said it expects revenue in the range of $133 million to $143 million.

Silicon Motion shares have fallen 12% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $44.38, a rise of 11% 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