- Associated Press - Thursday, July 8, 2010

NEW YORK (AP) - Taiwanese chip designer Silicon Motion Technology Corp. on Thursday raised its second-quarter revenue forecast, citing better-than-expected sales of mobile storage products such as flash memory cards and USB flash drives for digital cameras and multimedia players.

Shares jumped 42 cents, or 9 percent, to $5.10 in afternoon trading.

The company now expects second-quarter sales to jump 23 percent to 25 percent over first-quarter revenue of $26 million. That implies sales of $32 million to $32.5 million. The company said in late April it expected revenue growth of 10 percent to 20 percent.

Analysts polled by Thomson Reuters, on average, expect revenue of $29.8 million.

“The first half of 2010 came in better than expected and we continue to believe that this is a year of gradual recovery for Silicon Motion,” said President and CEO Wallace Kou.

Silicon Motion plans to release second-quarter results in the last week of July.

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