HSINCHU COUNTY, Taiwan (AP) _ Silicon Motion Technology Corp. (SIMO) on Wednesday reported second-quarter net income of $28.2 million.
On a per-share basis, the Hsinchu County, Taiwan-based company said it had net income of 80 cents. Earnings, adjusted for non-recurring costs and stock option expense, were 81 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
The chip company posted revenue of $136.8 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $136.2 million.
For the current quarter ending in October, Silicon Motion said it expects revenue in the range of $114 million to $120 million.
The company expects full-year revenue in the range of $508 million to $521 million.
Silicon Motion shares have fallen 18% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $41.43, a rise of 2% in the last 12 months.