U.S. Markets close in 39 mins

Silicon Motion tops Street 1Q forecasts

HSINCHU, Taiwan (AP) _ Silicon Motion Technology Corp. (SIMO) on Thursday reported first-quarter net income of $23.5 million.

The Hsinchu, Taiwan-based company said it had profit of 65 cents per share. Earnings, adjusted for one-time gains and costs, came to 70 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

The chip company posted revenue of $127.3 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $126 million.

For the current quarter ending in July, Silicon Motion said it expects revenue in the range of $134 million to $140 million.

The company expects full-year revenue in the range of $556 million to $612 million.

Silicon Motion shares have increased 4 percent since the beginning of the year. The stock has climbed 7 percent 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


Keywords: Silicon Motion, Earnings Report