Semtech Corp. announced results for its fiscal third quarter and guidance that sent its stock down sharply Wednesday.
The Camarillo semiconductor manufacturer reported net income of $13.3 million (20 cents a share) for the quarter ended Oct. 30, compared to net income of $12.6 million (19 cents) a year ago. Revenue increased 9.5 percent to $150 million.
Looking forward, the company said it expects fourth-quarter revenue in the range of $132 million to $136 million, with earnings per share between 8 and 10 cents.
The company announced results after market close Wednesday. Share of Semtech (SMTC) closed Wednesday down $2.20, or 5.7 percent, to $36.55 on the Nasdaq. In after hours trading, the shares dropped an additional $3.85, or 10.8 percent, to $32.70.