Silicon Motion Announces Results for the Period Ended September 30, 2023

Business Highlights

  • Third quarter sales increased 23% Q/Q and decreased 31% Y/Y
    • SSD controller sales: 3Q increased 5% to 10% Q/Q and decreased 10% to 15% Y/Y
    • eMMC+UFS controller sales: 3Q increased 100% to 105% Q/Q and decreased 40% to 45% Y/Y
    • SSD solutions sales: 3Q decreased 5% to 10% Q/Q and decreased 30% to 35% Y/Y

Financial Highlights

  3Q 2023 GAAP 3Q 2023 Non-GAAP
•   Net sales$172.3 million (+23% Q/Q, -31% Y/Y)$172.3 million (+23% Q/Q, -31% Y/Y)
•   Gross margin42.4%42.5%
•   Operating margin8.7%13.8%
•   Earnings per diluted ADS$0.32$0.63


TAIPEI, Taiwan and MILPITAS, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion”, the “Company” or “we”) today announced its financial results for the quarter ended September 30, 2023. For the third quarter of 2023, net sales (GAAP) increased sequentially to $172.3 million from $140.4 million in the second quarter of 2023. Net income (GAAP) decreased to $10.6 million, or $0.32 per diluted American Depositary Share of the Company (“ADS”) (GAAP), from net income (GAAP) of $11.0 million, or $0.33 per diluted ADS (GAAP), in the second quarter of 2023.

For the third quarter of 2023, net income (non-GAAP) increased to $21.1 million, or $0.63 per diluted ADS (non-GAAP), from net income (non-GAAP) of $12.6 million, or $0.38 per diluted ADS (non-GAAP), in the second quarter of 2023.

Third Quarter 2023 Review

“We’re pleased with our strong performance in the third quarter as we began to see inventory levels in the channel normalize and OEM order patterns accelerate ahead of the anticipated holiday season demand,” said Wallace Kou, President and CEO of Silicon Motion. “eMMC+UFS sales rebounded while our SSD controller sales again saw sequential growth. Our continuing investment in technology leadership in storage controllers has expanded our customer base for SSD and eMMC+UFS controllers and diversified our end-markets, leading to more stable and sustainable long-term growth.”

Key Financial Results

(in millions, except percentages and per ADS amounts)
GAAP Non-GAAP
3Q 2023  2Q 2023  3Q 2022  3Q 2023  2Q 2023  3Q 2022 
Revenue $172.3   $140.4   $250.8   $172.3   $140.4   $250.8  
Gross profit $73.1   $56.4   $119.1   $73.3   $59.7   $119.3  
Percent of revenue 42.4 %   40.2 %   47.5 %   42.5 %   42.5 %   47.6 %  
Operating expenses $58.1   $54.6   $63.8   $49.5   $48.0   $56.6  
Operating income $15.0   $1.8   $55.4   $23.8   $11.7   $62.7  
Percent of revenue 8.7 %   1.3 %   22.1 %   13.8 %   8.3 %   25.0 %  
Earnings per diluted ADS $0.32   $0.33   $1.29   $0.63   $0.38   $1.53  

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8  Next Page »
Featured Video
Jobs
Design Verification Engineer for Blockwork IT at Milpitas, California
Sr. Silicon Design Engineer for AMD at Santa Clara, California
CAD Engineer for Nvidia at Santa Clara, California
GPU Design Verification Engineer for AMD at Santa Clara, California
Senior Platform Software Engineer, AI Server - GPU for Nvidia at Santa Clara, California
Senior Firmware Architect - Server Manageability for Nvidia at Santa Clara, California
Upcoming Events
Phil Kaufman Award Ceremony and Banquet to be held November 6 at Hayes Mansion at Hayes Mansion 200 Edenvale Ave San Jose CA - Nov 6, 2024
SEMICON Europa 2024 at Messe München München Germany - Nov 12 - 15, 2024
DVCon Europe 2023 at Holiday Inn Munich – City Centre Munich Germany - Nov 14 - 15, 2024
SEMI MEMS & Imaging Sensors Summit, at International Conference Center Munich Germany - Nov 14, 2024



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise