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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.
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