Silicon Motion Technology announces third quarter 2024 financial results, with revenue up 23%

Silicon Motion Technology (NASDAQ: SIMO) released its third quarter 2024 financial report, showing revenue of $212.41 million, up 1% from the previous quarter and 23% from the previous year. The gross profit margin for the quarter was 46.8%, net profit after tax was $31.02 million, and earnings per American Depositary Receipt (ADS) were $0.92. Revenue from SSD controller chips was flat from the previous quarter and increased by 20%~25% year-on-year; revenue from eMMC/UFS controller chips increased by 0%~5% from the previous quarter and increased by 40%~45% year-on-year; revenue from SSD solutions increased by 5%~10% from the previous quarter and increased by 5%~10% year-on-year.