Semtech Corp. beat Wall Street expectations on adjusted earnings and revenue in the fiscal first quarter.
The Camarillo semiconductor manufacturer reported adjusted net income of $23 million (35 cents a share) for the quarter ending April 26, compared with adjusted net income of $23 million (34 cents) in the same period a year earlier. Revenue increased 1 percent to $133 million.
Analysts on average expected earnings of 32 cents on revenue of $129 million, according to Thomson Financial Network.
Chief Executive Mohan Maheswaran said he was pleased with the quarterly results despite unexpected disruptions from the COVID-19 outbreak.
“While we are not immune from macroeconomic headwinds, we believe the greater demands being placed on the global communications infrastructure with the shift to work-from-home and the increasing use of long-range sensing platforms should benefit our targeted markets including the data center, PON (passive optical network), 5G wireless and (Internet of Things) markets,” Maheswaran said in a statement.
The company announced results Wednesday. Shares of Semtech (SMTC) closed Thursday up $1.23, or 2.5 percent, to $51.44 on the Nasdaq, on a day when that market closed up 1 percent.