Welcome to our dedicated page for Silicon Motion Technology news (Ticker: SIMO), a resource for investors and traders seeking the latest updates and insights on Silicon Motion Technology stock.
Silicon Motion Technology Corporation reports developments in NAND flash controllers and solid-state storage solutions. The company designs and markets SSD controllers for servers, PCs and client devices, eMMC and UFS embedded storage controllers for smartphones, IoT products and automotive applications, and customized SSD solutions for hyperscale data center, industrial and automotive uses.
Recurring SIMO news includes quarterly financial results, product-category sales trends for SSD controllers, eMMC+UFS controllers, and Ferri and boot-drive solutions, as well as ADS dividend confirmations. Company updates also cover enterprise PCIe NVMe controllers, MonTitan enterprise SSD controller solutions, Ferri embedded storage products, and controller technologies used in AI, cloud and data-center boot storage architectures.
Silicon Motion Technology Corporation (NasdaqGS: SIMO) announced the extension of its $200 million share repurchase program for an additional year, now expiring on November 21, 2021. As of Q3 2020, it has repurchased 2.4 million ADSs, representing approximately 7% of total shares outstanding, with $115.2 million remaining. CEO Wallace Kou emphasized this buyback as part of their strategy to return capital to shareholders, suggesting confidence in the company's valuation and future prospects.
Silicon Motion Technology Corporation (NasdaqGS: SIMO) announced a new range of PCIe 4.0 NVMe 1.4 controllers designed for performance, mainstream, and value SSD applications. The new controllers include the SM2264, SM2267, and SM2267XT, catering to different market segments. The SM2264 targets high-performance and automotive SSDs with speeds up to 7,400 MB/s, while SM2267 and SM2267XT, designed for mainstream and value SSDs, support speeds of 3,900 MB/s and are now in volume production. The technology optimizes for low power consumption and robust error correction, aligning with the growing demand for Gen4 SSDs.
Silicon Motion Technology Corporation (SIMO) announced that its preliminary third quarter revenue is expected to exceed the prior guidance of $114 million to $120 million by approximately 5%. Gross margin (non-GAAP) is projected to align close to the mid-point of the previously set range of 48.0% to 50.0%. The financial results will be officially released on November 2, 2020, followed by a conference call on November 3, 2020, where CEO Wallace Kou and CFO Riyadh Lai will discuss the figures.
Silicon Motion Technology Corporation (SIMO) reported Q2 2020 net sales of $136.8 million, reflecting a 3% increase QoQ and a 38% increase YoY. GAAP net income rose to $28.2 million ($0.80 per diluted ADS), up from $25.9 million in Q1. Non-GAAP net income was $28.6 million ($0.81 per diluted ADS). However, SSD controller sales saw a 5% decline QoQ while eMMC+UFS controller sales surged by 30% QoQ. Looking ahead, Q3 sales are expected to face challenges due to inventory adjustments, with projected revenues between $114 million and $120 million.
Silicon Motion Technology Corporation (NASDAQ: SIMO) announced its quarterly cash dividend, reaffirming an annual dividend of US$1.40 per ADS, translating to US$0.35 per ordinary share. The next quarterly payment of $0.35 per ADS is scheduled for August 20, 2020, for shareholders on record as of August 6, 2020. The board emphasizes that future dividend payments depend on ongoing assessments aligning with shareholders’ best interests and compliance with applicable laws.
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