Silicon Motion: Q3 Earnings Snapshot

HONG KONG (AP) — HONG KONG (AP) — Silicon Motion Technology Corp. (SIMO) on Thursday reported third-quarter net income of $39.1 million.

On a per-share basis, the Hong Kong-based company said it had net income of $1.16. Earnings, adjusted for non-recurring gains, came to $1 per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.

The chip company posted revenue of $242 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $225.1 million.

For the current quarter ending in December, Silicon Motion said it expects revenue in the range of $254 million to $266 million.