Silicon Motion shares rise on upbeat quarterly results

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(Global Markets) - Shares of Silicon Motion Technology Corp (SIMO.O) rose 17 percent in premarket trading after the chipmaker's second-quarter profit more than doubled.

Revenue for the period rose 38 percent to $69.7 million, Silicon Motion said.

The Taiwan-based fabless chipmaker designs and develops high-performance, low-power semiconductor products for the multimedia consumer electronics market.

The company said its customer Samsung Electronics Co Ltd (005930.KS) started shipping Galaxy SIII smartphones in Korea that included Silicon Motion's Long Term Evolution (LTE) transceiver chips.

Silicon Motion shares were trading at $14.77 before markets opened on Friday. The stock closed at $12.59 on the Nasdaq on Thursday.

(Reporting By Aurindom Mukherjee in Bangalore; Editing by Joyjeet Das)