Silicon Motion Technology (SIMO) shares surged 8.53% over the past 24 hours, staging a sharp recovery as the semiconductor company delivered second-quarter results that blew past Wall Street expectations.

Adjusted earnings per share came in at $2.43, a 13.55% beat over the $2.14 consensus and a 252% jump from the prior-year period. Revenue climbed 127% year-over-year to $451 million, exceeding the $403 million analyst forecast. Gross margins expanded to 50.2%, while the company guided third-quarter revenue to a range of $519 million–$541 million, well above the $431.78 million consensus, signaling continued momentum.

The powerful earnings surprise reversed a multi-session selloff that had been driven by fears of a peak in the storage chip cycle and intensifying competition. The robust quarterly performance and upbeat outlook offered a clear catalyst for the stock’s strong upward correction.