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Silicon Motion (SIMO) to Report Q2 Earnings: What's in Store?
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Silicon Motion Technology Corporation (SIMO - Free Report) is set to report second-quarter 2024 results on Aug 1, after the closing bell. In the last reported quarter, the company delivered an earnings surprise of 10.34%. It pulled off a trailing four-quarter earnings surprise of 4.72% on average. The leading developer of microcontroller ICs for NAND flash storage devices is expected to report a top-line expansion in the second quarter of 2024, backed by healthy demand for SSD (Solid State Drive) and eMMC+UFS controllers.
Factors at Play
During the quarter, Silicon Motion launched an ultra-fast, single-chip controller, SM2322, to address the growing demand for high-density, external portable SSDs. With its high-speed data transfer, robust security measures and large storage capacity, the SM2322 is ideal for the modern AI-driven digital landscape. It effectively meets the needs of HD content creators, gamers and AI smartphone users who require high-density, high-performance portable storage.
The company also introduced SM770 USB display interface SoC for USB docking stations with seamless support for multiple 4K Ultra-High-Definition Displays. The solution is compatible with major operating systems such as Microsoft Windows, Apple macOS, and Linux. In addition, its low latency and energy-efficient features make it suitable for commercial use, shared office users, and gamers. This approach of expanding its product line to cater to advanced applications are expected to have a favorable impact on upcoming results.
For the June quarter, the Zacks Consensus Estimate for total revenues is pegged at $207.65 million, indicating 47.94% year-over-year growth. The consensus mark for earnings is pegged at 95 cents per share. It reported earnings of 38 cents per share in the year-ago quarter.
Earnings Whispers
Our proven model predicts a likely earnings beat for Silicon Motion this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is exactly the case here.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is +2.32%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Silicon Motion Technology Corporation Price and EPS Surprise
Zacks Rank: Silicon Motion currently sports a Zacks Rank #1.
Other Stocks to Consider
Here are some other companies you may want to consider, as our model shows that these, too, have the right combination of elements to post a beat this season:
The Earnings ESP for Advanced Micro Devices (AMD - Free Report) is +2.21%, and it has a Zacks Rank of 3. The company is scheduled to report quarterly numbers on Jul 30.
The Earnings ESP for Arista Networks, Inc. (ANET - Free Report) is +1.72%, and it sports a Zacks Rank of 1. The company is scheduled to report quarterly numbers on Jul 30.
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Silicon Motion (SIMO) to Report Q2 Earnings: What's in Store?
Silicon Motion Technology Corporation (SIMO - Free Report) is set to report second-quarter 2024 results on Aug 1, after the closing bell. In the last reported quarter, the company delivered an earnings surprise of 10.34%. It pulled off a trailing four-quarter earnings surprise of 4.72% on average. The leading developer of microcontroller ICs for NAND flash storage devices is expected to report a top-line expansion in the second quarter of 2024, backed by healthy demand for SSD (Solid State Drive) and eMMC+UFS controllers.
Factors at Play
During the quarter, Silicon Motion launched an ultra-fast, single-chip controller, SM2322, to address the growing demand for high-density, external portable SSDs. With its high-speed data transfer, robust security measures and large storage capacity, the SM2322 is ideal for the modern AI-driven digital landscape. It effectively meets the needs of HD content creators, gamers and AI smartphone users who require high-density, high-performance portable storage.
The company also introduced SM770 USB display interface SoC for USB docking stations with seamless support for multiple 4K Ultra-High-Definition Displays. The solution is compatible with major operating systems such as Microsoft Windows, Apple macOS, and Linux. In addition, its low latency and energy-efficient features make it suitable for commercial use, shared office users, and gamers. This approach of expanding its product line to cater to advanced applications are expected to have a favorable impact on upcoming results.
For the June quarter, the Zacks Consensus Estimate for total revenues is pegged at $207.65 million, indicating 47.94% year-over-year growth. The consensus mark for earnings is pegged at 95 cents per share. It reported earnings of 38 cents per share in the year-ago quarter.
Earnings Whispers
Our proven model predicts a likely earnings beat for Silicon Motion this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is exactly the case here.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is +2.32%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Silicon Motion Technology Corporation Price and EPS Surprise
Silicon Motion Technology Corporation price-eps-surprise | Silicon Motion Technology Corporation Quote
Zacks Rank: Silicon Motion currently sports a Zacks Rank #1.
Other Stocks to Consider
Here are some other companies you may want to consider, as our model shows that these, too, have the right combination of elements to post a beat this season:
Pinterest (PINS - Free Report) is set to release quarterly numbers on Jul 30. It has an Earnings ESP of +7.14% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Earnings ESP for Advanced Micro Devices (AMD - Free Report) is +2.21%, and it has a Zacks Rank of 3. The company is scheduled to report quarterly numbers on Jul 30.
The Earnings ESP for Arista Networks, Inc. (ANET - Free Report) is +1.72%, and it sports a Zacks Rank of 1. The company is scheduled to report quarterly numbers on Jul 30.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.