Semtech Corp. beat Wall Street estimates on revenue and earnings for the fiscal fourth quarter.
The Camarillo semiconductor developer on Wednesday reported adjusted net income of $24.5 million (37 cents a share) on revenue of $142 million in the quarter ended Jan. 29. That compares to net income of $10.8 million (17 cents) in the same period a year earlier.
Analysts on average expected earnings of 35 cents on revenue of $138 million, according to Thomson Financial Network.
Chief Executive Mohan Maheswaran said the fourth quarter results were at the upper end of guidance and led by growth in enterprise computing, communications and industrial markets.
“We enter fiscal year 2018 with tremendous momentum driven by our growth markets that include Internet of Things, hyper-scale datacenters and mobile devices which should continue to drive our growth and help the company to outperform the industry and peers,” Maheswaran said in a prepared statement.
Earnings were reported after the markets closed Wednesday. Shares closed up 80 cents, or just more than 2 percent, to $34.30 on the Nasdaq.