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Monday, Jun 5, 2023

Revenue Rises, Income Dips for Semtech

Net income dropped by 28 percent in the third quarter for semiconductor supplier Semtech Corp. when compared to a year ago. The Camarillo-based company reported a net income of $11.5 million, or $0.19 per diluted share, on revenues of $79.7 million for the quarter ending Oct. 26. For the same period last year, the company had a net income of $16 million, or $0.24 cents per diluted share, on revenues of $78.6 million. Semiconductor orders were strongest in the computing and communication markets. “Despite the challenging macro conditions impacting the world wide economy, I believe Semtech is very well positioned to not only weather this current downturn but to emerge as one of the highest performing companies in our sector,” said President and CEO Mohan Maheswaran. Fourth quarter guidance puts net sales between $64 million to $72 million and earnings between $.08 to $.14 cents per diluted share. Shares in Semtech closed down at $8.82.

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