Semtech Corp. beat Wall Street expectation on adjusted earnings and revenue for the fiscal second quarter.
The Camarillo semiconductor and Internet of Things, or IoT, product supplier reported on Wednesday adjusted net income of $28 million (43 cents a share) for the period ending July 26, compared with adjusted net income of $25.5 million (38 cents) in the same period a year earlier. Revenue increased by 5 percent to $143.7 million.
Analysts on average expected earnings of 41 cents on revenue of $142 million, according to Thomson Financial Network.
Chief Executive Mohan Maheswaran said that the company’s long-range, low-power, or LoRa, technology, reached milestones during the quarter, including the 1 million gateways deployed milestone.
“Our recent announcement with Amazon Web Services and TensorIoT to enable LoRaWAN (wide area network) to connect straight into the Amazon Cloud also represents another major milestone for LoRa,” Maheswaran said in a statement. “Despite the ongoing uncertainty from COVID-19 and the ongoing geopolitical issues, the underlying fundamentals behind our core growth engines in the Infrastructure and IoT markets remain strong and we expect to continue to outperform.”
The quarterly results were released after the market closed. Shares of Semtech (SMTC) closed up 25 cents, or a fraction of a percent, to $62.90 on the Nasdaq, on a day when that market closed up at 1.7 percent.