Why Silicon Image Shares Jumped Briefly
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Silicon Image jumped briefly today, up by 11% this morning before giving back gains, after the company reported earnings.
So what: Revenue in the fourth quarter came in at $59.6 million, with non-GAAP net income of $6.2 million, or $0.08 per share. The top line was on target with the consensus estimate, while the bottom line profit was about double what investors were expecting.
Now what: CEO Camillo Martino said that adjusted profits exceeded internal expectations, while Silicon Image saw several milestones during the full year. The company shipped almost 200 million product units, including 140 million units destined for smartphones and tablets. For the current quarter, guidance calls for sales in the range of $59 million to $61 million.
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The article Why Silicon Image Shares Jumped Briefly originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.