Why Silicon Motion Technology Stock Is Trading Higher Friday
Silicon Motion Technology (NASDAQ:SIMO) shares are trading higher after the company reported better-than-expected Q2 EPS and sales results. The company also reported guidance figures.
"We delivered better than expected revenue in the second quarter, primarily because of our focus on sales of higher-value products," said Wallace Kou, President and CEO of Silicon Motion.
As for guidance, the company expects Q3 revenue to be in the range of $238 million to $249 million, and expects FY21 revenue to be in the range of $890 million to $917 million.
"We are upsizing our previous full-year revenue guidance as we expect to continue our focus of selling higher-value products," said Kou. "We believe that this focused approach will also lead to better gross profitability and deliver strong SSD controller market share gains."
Silicon Motion Technology Corp is active in the semiconductor industry and primarily focuses on designing, developing, and marketing of controllers for managing NAND flash used in embedded storage applications, such as eMMC embedded memory.
Silicon Motion Technology shares were trading 16.02% higher at $74.60 at the time of publication. The stock has a 52-week high of $76.37 and a 52-week low of $35.13.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.