Silicon Motion Technology Corp. (SIMO) reported strong first-quarter performance, with significant growth in revenue and profitability compared with the same period last year.
Operating income rose to $52.20 million from $9.77 million in the prior-year quarter.
Net income increased to $66.79 million or $1.97 per ADS from $19.46 million or $0.58 per ADS a year earlier. Excluding one-time items, adjusted earnings were $53.85 million or $1.58 per ADS.
Revenue grew to $342.11 million from $166.49 million last year.
For the second quarter, the company expects revenue growth of 98% to 107% to $393 million to $411 million.
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