2023-09-13 17:01:59 ET
Semtech ( NASDAQ: SMTC ) stock on Wednesday slipped 6% in extended trading, after the semiconductor supplier's FQ3 2024 outlook fell well short of estimates.
Shares of SMTC were down 6% to $21.50 after hours.
SMTC said it earned 11 cents per share on an adjusted basis in FQ2, on revenue of $238.37M. Analysts had expected earnings per share of 2 cents on sales of $237.37M.
The company's quarterly cloud data center net sales grew 114% sequentially, while its high-end consumer net sales grew 58% sequentially.
"In the recent quarter, our net sales aligned with our projections and our non-GAAP gross margin and earnings per share each exceeded our estimates, largely due to focused cost-saving initiatives," SMTC top boss Paul Pickle said in a statement .
However, the company's FQ3 guidance took the spotlight, with SMTC projecting net sales of $190M to $210M. That compares to a consensus revenue estimate of $247.66M.
Semtech ( SMTC ) expects to report an adjusted loss per share of $0.09 to $0.22. The consensus estimate calls for earnings per share of $0.12.
SMTC CEO Pickle said the company remained "cautious given the current challenges of broader economic uncertainties and high channel inventory."
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Semtech sees unexpected loss for FQ3, sales guidance also misses; stock -6% after hours