Silicon Motion Technology Sees Q3 Sales At Upper End of Prior Guidance

Silicon Motion Technology (SIMO) shares were higher after-hours Monday after the company said that based on preliminary Q3 results, it expects sales to grow between 8% and 10% sequentially, at the upper end of its prior guidance and above analysts’ expectations.

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On July 28, the company said it expected Q3 revenues to increase 5% to 10% from Q2.

The company now expects revenues of $94.2 million to $95.9 million, slightly above the $93.8 million analyst consensus on Capital IQ.

The maker of NAND flash controllers for solid state storage devices said it expects non-GAAP gross margin to be near the mid-point of its original guidance range of 50% to 52%.

Silicon Motion is expected to unveil Q3 results after the close on Oct. 28.

SIMO was moving just below the midpoint of the 52-week range of $20.01 to $37.60.

Companies: Silicon Motion Technology Corporation
Price: 28.00 Price Change: +0.37

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An engineer by degree and blogger by choice. Interested in writing the latest updates happening around the world. Loves to binge watch tv-series and movies.

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