Semtech Corp. beat analyst expectations for the fourth quarter, sending its stock up nearly 9 percent Thursday.
The Camarillo semi-conductor manufacturer reported net income of $1.25 million (2 cents a share) for the quarter ended Dec. 31, compared to a loss of $15.4 million (-23 cents) for the same quarter a year ago. Revenue increased 2 percent to nearly $119 million.
Accounting for one-time events, the company reported adjusted earnings of 17 cents a share. Analysts on average expected earnings of 15 cents on revenue of $116 million, according to Zacks Investment Research.
“Demand from our communication and enterprise computing end markets strengthened throughout the quarter,” Mohan Maheswaran, Semtech’s chief executive, said in a statement. “Overall demand strengthened throughout the quarter and recent strong bookings across several businesses lead us to believe that we can return to outperforming the industry in fiscal year 2017.”
Semtech reported its results Wednesday. Shares closed Thursday up $1.67 or 8.6 percent to $21 on the Nasdaq.