Semtech stock jumps 14% on Q1 beat By Investing.com

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Semtech stock jumps 14% on Q1 beat

Published Jun 07, 2023 17:30

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Semtech Corporation (NASDAQ:SMTC) shares gained more than 14% after-hours following the company’s reported Q1 results, with EPS of $0.02 coming in better than the consensus estimate of ($0.08).

Revenue increased 41.2% sequentially and 17.0% year-over-year to $236.5 million, above the consensus estimate of $235.1M.

“Semtech exceeded the midpoint of our revenue and earnings guidance as we see signs of business stabilization. As we continue to navigate this challenging macro-economic environment, we are taking steps to improve our operational efficiency and financial performance while focusing on executing our plans,” said CEO Mohan Maheswaran.

For Q2/24, the company expects EPS in the range of ($0.02)-$0.06, compared to the consensus estimate of ($0.02), and revenue in the range of $233M-$234M, compared to the consensus estimate of $242.66M.

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