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Tuesday, Sep 26, 2023

Semtech Slumps on Quarterly Results, Outlook

Semtech Corp. announced results for its fiscal third quarter and guidance that sent its stock down sharply Wednesday. The Camarillo semiconductor manufacturer reported net income of $13.3 million (20 cents a share) for the quarter ended Oct. 30, compared to net income of $12.6 million (19 cents) a year ago. Revenue increased 9.5 percent to $150 million. Looking forward, the company said it expects fourth-quarter revenue in the range of $132 million to $136 million, with earnings per share between 8 and 10 cents. The company announced results after market close Wednesday. Share of Semtech (SMTC) closed Wednesday down $2.20, or 5.7 percent, to $36.55 on the Nasdaq. In after hours trading, the shares dropped an additional $3.85, or 10.8 percent, to $32.70.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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