HONG KONG (AP) — HONG KONG (AP) — Silicon Motion Technology Corp. (SIMO) on Wednesday reported fourth-quarter profit of $23 million.
On a per-share basis, the Hong Kong-based company said it had net income of 68 cents. Earnings, adjusted for one-time gains and costs, came to 91 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 84 cents per share.
The chip company posted revenue of $191.2 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $195.6 million.
For the year, the company reported profit of $90.7 million, or $2.69 per share. Revenue was reported as $803.6 million.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SIMO at https://www.zacks.com/ap/SIMO
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