SMTC - Why Semtech Stock Popped Today
2023-09-14 15:39:43 ET
Shares of Semtech (NASDAQ: SMTC) climbed as much as 10.2% early Thursday, then settled to trade up 7.5% as of 2:30 p.m. ET after the Internet of Things (IoT) systems and cloud connectivity services company announced strong quarterly results.
For its fiscal third quarter ended July 30, revenue grew 13.9% year over year, to $238.4 million, translating to non-GAAP (adjusted) net income of $0.11 per share. Analysts, on average, were expecting adjusted earnings of only $0.02 per share on revenue closer to $237 million.
Within Semtech's top line, cloud data center sales climbed 114% sequentially from last quarter, while high-end consumer net sales grew 58%.
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Why Semtech Stock Popped Today