By Wallace Witkowski
Semtech Corp. shares rose in the extended session Wednesday after the analog semiconductor maker's results and earnings outlook exceeded Wall Street estimates.
Semtech (SMTC) shares rose as much as 5% after hours, following a 5.4% rise in the regular session to close at $66.66.
The company reported fourth-quarter net income of $34.8 million, or 53 cents a share, compared with $34.4 million, or 53 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 70 cents a share, compared with 51 cents a share in the year-ago period.
Revenue declined to $190.6 million from $194.9 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast 69 cents a share on revenue of $189.3 million.
Semtech forecast earnings of 72 cents to 80 cents a share on revenue of $195 million to $205 million for the first quarter, while analysts had estimated 70 cents a share on revenue of $211.3 million.
(END) Dow Jones Newswires
March 17, 2022 08:28 ET (12:28 GMT)
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