Silicon Motion Technology Corporation (NasdaqGS: SIMO) today announced its financial results for the quarter ended December 31, 2023. For the fourth quarter of 2023, net sales (GAAP) increased sequentially to $202.4 million from $172.3 million in the third quarter of 2023. Net income (GAAP) increased to $21.1 million, or $0.63 per diluted American Depositary Share of the Company ("ADS") (GAAP), from net income (GAAP) of $10.6 million, or $0.32 per diluted ADS (GAAP), in the third quarter of 2023. For the fourth quarter of 2023, net income (non-GAAP) increased to $31.3 million, or $0.93 per diluted ADS (non-GAAP), from net income (non-GAAP) of $21.1 million, or $0.63 per diluted ADS (non-GAAP), in the third quarter of 2023.

"Our fourth quarter results exceeded expectations as demand across the majority of our products increased sequentially, driven by holiday season demand and normalizing channel inventory," said Wallace Kou, President and CEO of Silicon Motion. "Both eMMC+UFS and SSD controller demand grew strongly in the quarter. We are confident that our teams' ongoing commitment to deliver controller solutions that enable our customers to service a broader range of markets will continue to drive share gains for us and be the foundation for strong growth in 2024 and beyond."