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Silicon Motion: Q1 Earnings Snapshot

HONG KONG (AP) — HONG KONG (AP) — Silicon Motion Technology Corp. (SIMO) on Tuesday reported first-quarter net income of $66.8 million.

The Hong Kong-based company said it had profit of $1.97 per share. Earnings, adjusted for non-recurring gains, came to $1.58 per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.31 per share.

The chip company posted revenue of $342.1 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $299.5 million.

For the current quarter ending in June, Silicon Motion said it expects revenue in the range of $393 million to $411 million.

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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

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