Semtech Corp. beat Wall Street estimates on adjusted earnings and revenue for the second quarter.

The Camarillo semiconductor developer reported on Wednesday adjusted net income of $32.2 million (48 cents a share) on adjusted revenue of $156.3 million for the quarter ending July 30. That’s well up from net income of $22.7 million (35 cents a share) in the same period a year earlier.

Analysts on average expected earnings of 46 cents on revenue of $154.8 million, according to Thomson Financial Network.

Chief Executive Mohan Maheswaran attributed company growth to sales of its products for the Internet of Things market, cloud and data center market and high performance mobile market.

Shares in Semtech (SMTC) on Wednesday closed up $1.40, or more than 3 percent, to $39.05 on the Nasdaq. However, it declined nearly 5 percent in early aftermarket trading.