Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Silicon Motion (NASDAQ: SIMO ) have jumped today by upwards of 14% after the company reported earnings.
So what: Revenue in the second quarter totaled $58.3 million, which resulted in non-GAAP earnings per share of $0.27. Both figures were roughly in line with the Street's models, which were looking for $58.5 million in sales and a $0.26 per share adjusted profit.
Now what: CEO Wallace Kou may have impressed investors by saying the company saw strong sales in low-cost mobile devices in China, a booming market. Silicon Motion's SSD and embedded products are also growing and topped expectations. Third-quarter revenue is expected to either decrease by 2.5% or increase by 2.5% sequentially. Excluding LTE transceiver sales, full-year revenue should be down 5% to 10% in 2013.
Interested in more info on Silicon Motion? Add it to your watchlist by clicking here.
The Motley Fool's chief investment officer has selected his No. 1 stock for this year. Find out which stock it is in the special free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company.