Semtech Earnings Better Than Expectations

Semtech Corp. beat Wall Street expectations on adjusted earnings and revenue in the fourth quarter. The Camarillo semiconductor and internet-of-things product developer on Wednesday reported adjusted net income of $33.6 million (51 cents a share) for the quarter ending Jan. 31, up from $26.8 million (40 cents) in the same period a year earlier. Revenue increased by 19 percent to $165 million. Analysts on average expected earnings equal to 48 cents on revenue of $158 million, according to Thomson Financial Network.Chief Executive Mohan Maheswaran said the company enters the fiscal year 2022 with a record backlog following record bookings during the fourth quarter.  “We expect our growth engines targeting the data center, 5G and internet-of-things markets to perform very well over the next few years as our solutions enable a smarter, more connected and sustainable world,” Maheswaran said in a statement. Shares in Semtech (SMTC) closed up 82 cents, or just about 1.1 percent, to $73.09 on the Nasdaq on Wednesday, a day when that market closed up at 0.4 percent.