Benzinga | Jul 8, 2021 12:41PM EDT

Silicon Motion Raises Preliminary Q2 Revenue, Gross Margin Guidance

* Silicon Motion Technology Corp (NASDAQ:SIMO) estimates the Q2 revenue to grow 20% quarter-on-quarter as per preliminary results. The updated guidance surpasses the original 5-10% growth guidance issued on May 6.

* The non-GAAP gross margin is likely to be at least half a percentage point above the high-end of the original 48% - 50% guidance range.

* Silicon will release its Q2 2021 financial results after the market closes on July 29.

* Price action: SIMO shares traded higher by 1.57% at $62.17 on the last check Thursday.