Silicon Motion Technology Corp. (SIMO) shares plummeted 13.46% in after-hours trading on Wednesday, after the chipmaker reported mixed fourth-quarter results.
The Hong Kong-based company reported Q4 earnings of $0.91 per share, beating the Zacks consensus estimate of $0.84. However, revenue for the quarter came in at $191.2 million, falling short of analysts' expectations of $195.6 million.
For the full year 2024, Silicon Motion posted a profit of $90.7 million, or $2.69 per share, on revenue of $803.6 million. While the earnings beat suggests strong profitability, the disappointing top-line performance likely raised concerns about the company's growth prospects amid macroeconomic headwinds and supply chain challenges facing the semiconductor industry.
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