Shares in Semtech Corp. dropped more than 10 percent Thursday the day after reporting poor earnings and a $45 million acquisition of a Texas wireless and portable charging manufacturer.
The Camarillo semiconductor developer on Wednesday posted a net loss of $15.4 million (-23 cents a share) for the fiscal fourth quarter ended Jan. 25, compared with a net loss of $210.8 million ($3.12) in the same period a year earlier. Revenue increased 3 percent to $130.4 million.
Analysts on average expected earnings of 33 cents on revenue of $130.1 million, according to Thomson Financial Network.
On an adjusted basis, the company said its net income was $23.1 million (34 cents a share). That amount excluded restructuring and impairment related costs associated with Semtech’s pullback from the defense and microwave communications infrastructure and optical long-haul business.
Semtech acquired Triune Systems LLC in Plano with a line of credit. The company has 35 employees and develops wireless charging platforms for the industrial and automotive industries and power switching for industrial uses.
Semtech Chief Executive Mohan Maheswaran said Triune’s products are complementary to Semtech’s current market focus.
“Triune Systems has developed a number of innovative wireless charging platforms that address some exciting, emerging market segments,” Maheswaran said in a prepared statement.
Shares closed down $3, or 10.2 percent, to $26.29 on the Nasdaq.