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Semtech Q1 Tops Street, Outlook Strong; Shares Up 15%

Shares of Semtech Corp. (SMTC) gained over 15% on Wednesday's extended trading session after the semiconductor company's first-quarter results topped Wall Street estimates. The company also issued an outlook for the second quarter, which is expected to beat current estimates.

Net income for the quarter was $9.6 million or $0.15 per share, compared to $12.7 million or $0.19 per share last year. Adjusted earnings for the quarter was $0.35 per share, up from $0.34 per share last year.

Net sales for the quarter dropped to $132.7 million from $131.4 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.32 per share on revenues $129.28 million for the quarter.

Looking forward to the second quarter, Semtech expects adjusted earnings of $0.40 to $0.44 per share and sales of $138.0 million to $146.0 million. Analysts currently estimate earnings of $0.35 per share and revenues of $132.65 million.

SMTC closed Wednesday's trading at $50.21, up $1.16 or 2.36%, on the Nasdaq. The stock further gained $7.59 or 15.12% in the after-hours trade.

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