Published on 20 Oct 2022 on Zacks via Yahoo Finance
Silicon Motion (SIMO) Misses Q3 Earnings & Revenue Estimates
Silicon Motion Technology Corporation SIMO reported soft third-quarter 2022 results, with both the bottom line and the top line missing the Zacks Consensus Estimate. Revenues declined year over year owing to a challenging macroeconomic environment and lower end-market demand.
Net Income
On a GAAP basis, net income declined to $42.9 million or $1.29 per American depositary share (ADS) from $55.4 million or $1.58 per ADS in the prior-year quarter. The year-over-year decrease was primarily attributable to top-line contraction and higher operating expenses.Non-GAAP net income was $51.2 million or $1.53 per ADS compared with $60.4 million or $1.70 ADS in the year-ago quarter. The bottom line missed the Zacks Consensus Estimate by 49 cents.