SMTC - Why Semtech Stock Popped 16% This Week
2023-12-07 17:48:00 ET
Shares of Semtech (NASDAQ: SMTC) are up 16%, according to data provided by S&P Global Market Intelligence , after the analog and mixed-signal semiconductor specialist announced a surprise profit for its fiscal third quarter.
Indeed, late Wednesday Semtech revealed net sales for its fiscal Q3 (ended Oct. 29, 2023) grew 13.1% year over year to $200.9 million, slightly above Wall Street's consensus estimates. On the bottom line, that translated to adjusted ( non-GAAP ) earnings of $0.02 per share, trouncing expectations for an adjusted net loss of $0.15 per share.
These results are particularly surprising considering Semtech only recently reiterated its previous outlook in late October, calling for revenue of $190 million to $210 million and an adjusted net-loss per share of $0.22 to $0.09.
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Why Semtech Stock Popped 16% This Week