Semtech stock rallies more than 10% after surprise profit
Semtech Corp. (SMTC) shares rallied in the extended session Thursday after the analog and mixed-signal chipmaker swung to a surprise profit. Semtech shares surged as much as 14% after hours, following a 1.5% gain in the regular session to close at $22.43. The company reported a fiscal first-quarter loss of $29.4 million, or 46 cents a share, versus net income of $38 million, or 59 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 2 cents a share, compared with 87 cents a share in the year-ago period. Revenue rose to $236.5 million from $202.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 8 cents a share a share on revenue of $235 million. For the second quarter, Semtech forecast between an adjusted loss of 2 cents a share and earnings of 6 cents a share on revenue of $233 million to $243 million, while analysts had estimated a penny a share net income on revenue of $242.7 million.
-Wallace Witkowski
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June 07, 2023 17:24 ET (21:24 GMT)
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