HONG KONG (AP) — HONG KONG (AP) — Silicon Motion Technology Corp. (SIMO) on Thursday reported first-quarter net income of $16 million.
The Hong Kong-based company said it had net income of 48 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 64 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.
The chip company posted revenue of $189.3 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $180.2 million.
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