Silicon Motion Technology Sees Q2 Revenue $199M-$208M Vs $187.06M Est.; FY24 Revenue $800M-$830M Vs $793.25M Est.
Portfolio Pulse from Benzinga Newsdesk
Silicon Motion Technology (SIMO) projects Q2 revenue to be between $199M-$208M, surpassing the $187.06M estimate, and raises its FY24 revenue forecast to $800M-$830M, above the $793.25M estimate. The company attributes this growth to scaling programs with flash maker customers and the adoption of its controller solutions by PC and smartphone OEMs for advanced applications like AI. Both GAAP and non-GAAP projections indicate significant year-over-year growth, with improvements in gross and operating margins expected.
May 02, 2024 | 10:10 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Silicon Motion Technology anticipates Q2 revenue between $199M-$208M, exceeding estimates, and raises FY24 revenue outlook to $800M-$830M. The growth is driven by new programs with flash makers and adoption of its controller solutions.
The positive revenue forecast for both Q2 and FY24, exceeding analyst estimates, indicates strong business growth and market confidence in Silicon Motion's products and strategic partnerships. This is likely to positively impact investor sentiment and the stock price in the short term, as the company demonstrates its ability to scale and innovate in the competitive tech sector.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100