SMTC - Why Semtech Stock Dropped This Week
2023-03-31 09:00:00 ET
Semtech (NASDAQ: SMTC) investors had a tough week as shares fell 21% through Thursday trading. That's compared to a 2% rally in the wider market, according to data provided by S&P Global Market Intelligence . The connectivity tech specialist is now in negative territory so far on the year, down 12% compared to a 6% increase in the S&P 500 in 2023.
The slump was sparked by a conservative new outlook from Semtech's management team.
Semtech announced on Wednesday that fourth-quarter sales for fiscal 2023, which ended Jan. 29, landed at $168 million, which was right within management's short-term forecast. Gross profit margin declined slightly, but the company still boosted gross profit for the quarter and the wider 2022 year.
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Why Semtech Stock Dropped This Week