Silicon Motion Technology Corp. SIMO stock charted a new lifetime high as investors cheered its optimistic preliminary first quarter 2016 financial results. The stock closed the trading session up 3% after rising as much as 6.4% at one point.The Taiwan-based provider of flash-chip storage devices expects sequential revenue growth in a range of 14% to 15%, which is significantly higher than the previous quarter. The anticipated growth is also more than the company’s prior guidance, which was in the range of a 2.5% decrease to a 2.5% increase.The Zacks consensus estimate for Silicon Motion’s revenues in the upcoming quarter currently lies at $102 million.In the company’s last reported quarter, Silicon Motion’s revenues increased 21.7% year over year to a record $98 million. The quarterly sales figure was the highest in the company’s reporting history.Silicon Motion has been benefiting from the strong growth momentum in mobile storage products, which include Embedded Storage products and Expandable Storage products.In fourth-quarter 2015, outstanding performance from Embedded Storage Products (including eMMC and SSD controllers), which accounted for two-thirds of the total sales, drove top-line growth for the company. High SSD controller sales, which nearly doubled during the quarter, were driven by rising demand for the company’s two major NAND flash partners and multiple module makers. Also, Silicon Motion’s client SSD controller sales grew by nearly 20% during the quarter.It looks like the company’s top line will continue to leverage the robust momentum in high SSD controller sales as well as modest eMMC controller sales. Moreover, PCIe SSD sales are expected to continue to act as a significant tailwind.Furthermore, Silicon Motion expects non-GAAP gross margin to lie in the upper half of the original guidance range of 49% to 51%.The Zacks Rank #3 (Hold) company is scheduled to release its full first-quarter 2016 results after the closing bell on Apr 27, 2016.Better-ranked stocks in the semiconductor space include QuickLogic Corporation QUIK, Mellanox Technologies, Ltd. MLNX and Rubicon Technology, Inc. RBCN. All three stocks hold a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SILICON MOTION (SIMO): Free Stock Analysis Report QUICKLOGIC CORP (QUIK): Free Stock Analysis Report MELLANOX TECH (MLNX): Free Stock Analysis Report RUBICON TECHNOL (RBCN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research