Why Silicon Motion Technology Corp. Stock Fell 15% in July

Why Silicon Motion Technology Corp. Stock Fell 15% in July

Shares of Silicon Motion Technology (NASDAQ: SIMO) fell 14.8% in July, according to data from S&P Global Market Intelligence.

Last month's drastic drop started with a preliminary revenue report, where second-quarter sales were seen landing "slightly below the original guidance range of $134 million to $140 million." Gross margin was also headed toward the lower end of management's guidance range. Silicon Motion's share price fell as much as 9% the next day and continued to trend lower for a full week.

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Source: Fool.com