Silicon Motion Technology Corp released its quarterly earnings report for the period ending March 31, revealing adjusted earnings of 60 cents per share. This figure surpassed the mean analyst expectation of 45 cents per share, with predictions ranging from 40 to 49 cents. The company’s reported EPS for the quarter was 58 cents. Revenue declined by 12.1% to $166.49 million compared to the same quarter last year, exceeding analyst expectations of $162.69 million. The company reported a quarterly net income of $19.46 million. Despite beating earnings expectations, Silicon Motion Technology Corp’s shares have fallen by 10.7% this quarter and lost 16.4% so far this year. Analysts have revised their earnings estimates downward by about 34.1% in the last three months. The current average analyst rating on the shares is ‘buy,’ with 8 ‘strong buy’ or ‘buy’ recommendations, 1 ‘hold,’ and no ‘sell’ or ‘strong sell’ recommendations. Wall Street’s median 12-month price target for Silicon Motion Technology Corp is $70.00.
