Shares of Semtech Corp. gained more than 5 percent on Thursday, the day after the company reported its fiscal first quarter earnings.

The Camarillo semiconductor and Internet-of-Things products manufacturer reported adjusted net income of $34.8 million (53 cents a share) for the quarter ending May 2, compared to adjusted net income of $23 million (35 cents) in the same period a year earlier. Revenue increased by 28 percent to $170 million.

Analysts on average expected earnings of 52 cents on revenue of $164 million, according to investing tool website

Mohan Maheswaran, chief executive, said he was pleased with the strong start to the fiscal 2022 year led by Internet-of-Things, optical infrastructure and mobile segments of the business.

“We believe we are very well positioned to continue the recent momentum into our fiscal (second quarter) as record demand, record bookings and record starting backlog highlight the underlying strength of our core growth engines and should enable the company to deliver a record financial performance in FY22,” Maheswaran said in a statement.

Shares of Semtech (SMTC) closed up $3.18, or about 5.1 percent, to $65.11 on the Nasdaq, on a day when that market closed down 1 percent.