On October 31, Gelonhui reported on the financial report for the third quarter of 2024 by Silicon Motion Technology (SIMO.US). In the third quarter of 2024, the company achieved a revenue of 0.2124 billion US dollars, a year-on-year increase of 23%; net income was 20.84 million US dollars; diluted earnings per share were 0.62 US dollars.

In terms of business, in the third quarter, SSD controller sales remained flat on a month-on-month basis, with a year-on-year increase of 20% to 25%; eMMC+UFS controller sales increased by 0% to 5% on a month-on-month basis, with a year-on-year increase of 40% to 45%; SSD solution sales increased by 5% to 10% on a month-on-month basis, with a year-on-year increase of 5% to 10%.

"Our performance in the third quarter of 2024 continued to be strong, achieving revenue above the midpoint of our guidance range, and further expanding the gross margin," said Wallace Kou, President and CEO of Silicon Motion Technology. "Our eMMC and UFS controller revenue continued to grow steadily, while SSD controller revenue remained strong, benefiting from the sustained growth of OEM channels. We continue to surpass market expectations with new orders reached with NAND manufacturers and module manufacturers this quarter, expecting these orders to drive growth in 2025. We anticipate this trend to continue, as we expand our product portfolio to provide world-class controllers to the market."

"Looking ahead, we expect to benefit from more outsourcing from NAND flash memory manufacturing partners, which will continue to bring revenue and profit growth for the company," Wallace Kou said. "In the current quarter, we launched two key new controllers, including our first AI/Enterprise server MonTitan controller and the first PCIe Gen5.0 client SSD controller, positioning Silicon Motion Technology exceptionally well going into the calendar year 2025. While seasonal holiday demand is expected to be more subdued than in previous years, we believe that our highly differentiated controller solutions for personal computers, smart phones, and enterprise storage will further strengthen our market leadership and drive strong, sustainable long-term growth based on this foundation."

Looking ahead to the fourth quarter, the company expects revenue to be between 0.191 billion US dollars and 0.202 billion US dollars (GAAP basis), a month-on-month decrease of 10% to 5%, a year-on-year decrease of 6% to 0%. Expected gross margin is 46.3% to 47.4%, operating margin is 8.0% to 9.9%.