Movement Alert｜Silicon Motion Technology rises 7.01% in Pre-Market Trading, earnings beat expectations with strong sales growth

Market Focus10-29 20:32

On October 29, Silicon Motion Technology rose 7.01% in Pre-Market Trading, trading at $235.0 per share, with turnover of $2.3299 million.

The move followed the company’s latest quarterly results, which exceeded market expectations on both earnings and revenue.

Silicon Motion Technology reported adjusted EPS of $4.35, above the $3.33 consensus estimate, while sales reached $560.2 million versus the $529.103 million estimate. Reported EPS was also up 335% from $1.00 a year earlier. Ahead of the release, market consensus had pointed to sharp year-over-year growth in revenue, adjusted EPS, and EBIT, and recent analyst coverage had remained constructive, with one initiation at Buy and a $300 target price, while broader market data showed a Buy average rating and a mean target price of $369.70.

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