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Thursday, Sep 28, 2023

Semtech Earnings Better Than Expectations

Semtech Corp. beat Wall Street expectations on adjusted earnings and revenue in the fourth quarter. The Camarillo semiconductor and internet-of-things product developer on Wednesday reported adjusted net income of $33.6 million (51 cents a share) for the quarter ending Jan. 31, up from $26.8 million (40 cents) in the same period a year earlier. Revenue increased by 19 percent to $165 million. Analysts on average expected earnings equal to 48 cents on revenue of $158 million, according to Thomson Financial Network.Chief Executive Mohan Maheswaran said the company enters the fiscal year 2022 with a record backlog following record bookings during the fourth quarter.  “We expect our growth engines targeting the data center, 5G and internet-of-things markets to perform very well over the next few years as our solutions enable a smarter, more connected and sustainable world,” Maheswaran said in a statement. Shares in Semtech (SMTC) closed up 82 cents, or just about 1.1 percent, to $73.09 on the Nasdaq on Wednesday, a day when that market closed up at 0.4 percent.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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