Semtech Reports Strong Second Quarter

Semtech Corp. beat Wall Street expectations on earnings and revenue in its fiscal second quarter.The Camarillo semiconductor and Internet-of-Things products manufacturer reported on Wednesday adjusted net income of $42.4 million (65 cents a share) for the quarter ending Aug. 1, compared with adjusted net income of $28.2 million (43 cents) in the same period a year earlier. Revenue increased by 29 percent to $185 million.Analysts on average expected earnings of 62 cents on revenue of $183 million, according to Thomson Financial Network.Chief Executive Mohan Maheswaran said the second quarter was a strong one for the company.“The strong global demand for our core growth engines in the IoT (Internet-of-Things) and Infrastructure segments, led by our LoRa and Tri-Edge platforms is very exciting,” Maheswaran said in a statement. “In addition, the increase in gross margins driven by the ramp of our new products is evidence of the healthy innovation culture in the company.”Shares of Semtech (SMTC) closed up $1.04, or about 1.5 percent, to $70.96 on the Nasdaq, on a day when that market closed up a fraction of a percent.