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Thursday, Jan 26, 2023
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Briefs: Semtech, Ceres

Semtech Corp. missed analyst expectations for earnings and revenue in the fiscal first quarter due to fewer sales to a major customer, the company disclosed Wednesday. The Camarillo semiconductor maker reported a net loss of $142,000 (0 cents a share) for the quarter ending April 26, compared with net income of $7.9 million (12 cents) in the same period a year earlier. Revenue decreased 2 percent to $130 million. Analysts on average expected net income of 28 cents a share on revenue of $133 million, according to Thomson Financial Network. Semtech Chief Executive Mohan Maheswaran said the company saw strong demand during the quarter from customers in the enterprise, data center and fiber optic access network sectors. “However, demand from our largest smartphone customer was much lower than anticipated, leading to results that were at the lower end of our guidance range,” Maheswaran said in a prepared statement. Shares closed up $1.20, or more than 5 percent, to $24.55 on the Nasdaq. Energy crop developer Ceres Inc. received notice Wednesday that it has received a patent for a gene sequence for use in improving soybean varieties. The Thousand Oaks biotech said it will offer a commercial license to other seed companies so they can use the patented gene in research, product development and plant transformation. Soybeans are used for oil, feed for livestock and aquaculture, as a biofuel feedstock and as a protein for human consumption. “Agricultural biotechnology has and will continue to represent a significant source of innovation for increasing crop yields through improving performance of seeds,” Ceres Chief Executive Richard Hamilton said in a prepared statement. Shares closed up $1.22, or more than 72 percent, to $2.90 on the Nasdaq.

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