The share price of Semtech Corp. leapt Thursday, a day after the company reported beating Wall Street expectations on adjusted earnings and revenue.
The Camarillo semiconductor manufacturer reported on Wednesday adjusted net income of $28.5 million (42 cents a share) for the quarter ending Jan. 28, compared to adjusted net income of $24.5 million (37 cents) in the same period a year earlier. Adjusted revenue increased less than a percent to $142 million.
Analysts on average forecast earnings of 41 cents on revenue of $141 million, according to Zacks Investment Research
Chief Executive Mohan Maheswaran said that last year was an exciting one for the company as it delivered on a strong financial performance and that it entered the new fiscal year with strong momentum driven by growth areas of datacenter, mobile and Internet of Things markets.
“We believe this momentum positions us well to achieve a record financial performance in fiscal year 2019 and continue us along our path to achieving $1 billion in net sales,” Maheswaran said in a statement.
Shares of Semtech (SMTC) closed Thursday up $3.80, or nearly 11 percent, to $38.70 on the Nasdaq.