HONG KONG (AP) — HONG KONG (AP) — Silicon Motion Technology Corp. (SIMO) on Wednesday reported third-quarter profit of $20.8 million.
The Hong Kong-based company said it had net income of 62 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, came to 92 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The chip company posted revenue of $212.4 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $211.1 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
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