Silicon Motion Technology (SIMO) Stock Up on Earnings

Silicon Motion Technology (SIMO) stock was higher tonight after reporting earnings. Shares of SIMO hit $24 in after hours and should be active on Friday.
 

Silicon Motion Announces Results for the Period Ended December 31, 2011
 

Silicon Motion Technology Corporation (Nasdaq:SIMO ) ("Silicon Motion" or the "Company") today announced its financial results for the quarter ended December 31, 2011. For the fourth quarter of 2011, net sales increased 6% quarter-over-quarter to US$67.1 million from US$63.2 million in the third quarter of 2011. Net income (non-GAAP) increased in the fourth quarter to US$16.1 million or US$0.47 per diluted ADS from a net income of US$13.6 million or US$0.40 per diluted ADS in the third quarter of 2011.

Net income (GAAP) for the fourth quarter decreased quarter-over-quarter to US$12.2 million or US$0.37 per diluted ADS from a net income of US$18.3 million or US$0.56 per diluted ADS in the third quarter of 2011.