logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Facebook has unveiled Instagram Reels as its answer to the popular Chinese-owned video app TikTok. The social media giant said in a blog post that Instagram Reels is a new way to create short, entertaining videos on Facebook's photo-sharing app Instagram. Facebook reportedly shut down its TikTok clone Lasso in July, ahead of the launch of Instagram Reels. WD-40 Company recalled about 130,000 units of X-14 Mildew Stain Remover for potential risk of skin irritation, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said pressure can build up inside the bottle and cause it to fall over and leak, posing a risk of skin irritation. Biopharmaceutical company Bristol-Myers Squibb Co. on Thursday reported a loss for the second quarter, compared to a profit last year, hurt primarily by hefty amortization expenses. However, adjusted earnings per share and quarterly revenues topped analysts' expectations. Looking ahead, the company raised its adjusted earnings and revenue outlook for the full-year 2020.
RELATED NEWS
Follow RTT