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HONG KONG (AP) — HONG KONG (AP) — Silicon Motion Technology Corp. (SIMO) on Tuesday reported first-quarter profit of $19.5 million.
On a per-share basis, the Hong Kong-based company said it had net income of 58 cents. Earnings, adjusted for one-time gains and costs, came to 60 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The chip company posted revenue of $166.5 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $162.6 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