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Silicon Motion Technology shares surged on Wednesday after the company reported first-quarter results that exceeded Wall Street expectations and issued forward sales guidance that also beat the market’s target.
As of 12:45 p.m. ET, the stock was up 30.6%, after rising as much as 40.6% earlier in the session.
Silicon Motion reported non-GAAP (adjusted) earnings per share of $1.58 on sales of $342.1 million. This compared with Wall Street’s average estimate of $1.30 per share on sales of roughly $299.6 million.
On a year-over-year basis, the company’s revenue increased 105.5% versus the prior-year quarter. Adjusted earnings per share were up approximately 163% year over year.
Alongside its results, Silicon Motion issued forward sales guidance described as outperforming the target. The company also provided commentary on the state of the business, which investors appeared to view positively.
The combination of stronger-than-expected sales and earnings, along with the forward guidance, drove the sharp move higher in the stock during the trading session.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
