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Silicon Motion Technology (SIMO - Free Report) recently reported preliminary second-quarter 2021 results. The company now expects revenues to grow 25% quarter over quarter. Earlier, the company had guided (on May 6, 2021) revenue growth to be in the range of 5-10% on a sequential basis.
For second-quarter 2021, Silicon Motion expects non-GAAP revenues in the range of $192-$201 million. The Zacks Consensus Estimate is currently pegged at $198 million, which represents year-over-year growth of 44.1%. Silicon Motion is scheduled to report second-quarter 2021 results on Jul 29, 2021.
Gross margin for the quarter is now anticipated to be at least half a percentage point above the high end of the previously mentioned guidance of 48-50%. However, the company did not provide any update on its non-GAAP operating margin metrics. It formerly guided non-GAAP operating margin to be 26-28%.
The consensus mark for second-quarter earnings is pegged at $1.24 per American Depositary Share, up 5.1% in the past 60 days.
Following the preliminary earnings, Silicon Motion’s shares moved up 2% and closed at $62.41 on Jul 8. Shares of this Zacks Rank #2 (Buy) company have returned 29.6% compared with industry’s rally of 5.9% year to date.
Silicon Motion Technology Corporation Price and Consensus
Silicon Motion is one of the leading providers of NAND flash-based controllers for solid-state storage devices or SSDs.
Revenues for the second quarter of 2021 are likely to benefit from continued momentum in SSD controller sales as well as healthy sales of eMMC and UFS controllers.
Higher PC sales, sparked by online education and work-from-home wave, hold promise. Solid PC shipments are anticipated to drive demand for the company’s PCIe NVMe SSD controllers.
Long-term earnings growth rate for Digital Turbine, ServiceNow and Teradata is currently pegged at 50%, 27.8% and 27.7%, respectively.
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Silicon Motion (SIMO) Reports Strong Preliminary Q2 Results
Silicon Motion Technology (SIMO - Free Report) recently reported preliminary second-quarter 2021 results. The company now expects revenues to grow 25% quarter over quarter. Earlier, the company had guided (on May 6, 2021) revenue growth to be in the range of 5-10% on a sequential basis.
For second-quarter 2021, Silicon Motion expects non-GAAP revenues in the range of $192-$201 million. The Zacks Consensus Estimate is currently pegged at $198 million, which represents year-over-year growth of 44.1%. Silicon Motion is scheduled to report second-quarter 2021 results on Jul 29, 2021.
Gross margin for the quarter is now anticipated to be at least half a percentage point above the high end of the previously mentioned guidance of 48-50%. However, the company did not provide any update on its non-GAAP operating margin metrics. It formerly guided non-GAAP operating margin to be 26-28%.
The consensus mark for second-quarter earnings is pegged at $1.24 per American Depositary Share, up 5.1% in the past 60 days.
Following the preliminary earnings, Silicon Motion’s shares moved up 2% and closed at $62.41 on Jul 8. Shares of this Zacks Rank #2 (Buy) company have returned 29.6% compared with industry’s rally of 5.9% year to date.
Silicon Motion Technology Corporation Price and Consensus
Silicon Motion Technology Corporation price-consensus-chart | Silicon Motion Technology Corporation Quote
Second-Quarter Growth Drivers
Silicon Motion is one of the leading providers of NAND flash-based controllers for solid-state storage devices or SSDs.
Revenues for the second quarter of 2021 are likely to benefit from continued momentum in SSD controller sales as well as healthy sales of eMMC and UFS controllers.
Higher PC sales, sparked by online education and work-from-home wave, hold promise. Solid PC shipments are anticipated to drive demand for the company’s PCIe NVMe SSD controllers.
Key Stocks to Consider
Some other top-ranked stocks in the broader Computer and Technology sector are Digital Turbine (APPS - Free Report) , ServiceNow (NOW - Free Report) and Teradata (TDC - Free Report) . All the stocks flaunt a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Digital Turbine, ServiceNow and Teradata is currently pegged at 50%, 27.8% and 27.7%, respectively.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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