Semtech Beats the Street

Semtech Corp. beat Wall Street estimates on adjusted earnings and revenue in its 2017 fiscal second quarter. The Camarillo semiconductor manufacturer on Wednesday reported adjusted net income of $22.7 million (35 cents a share) for the quarter that ended July 31, compared with net income of $15.6 million (24 cents) in the same period a year earlier. Revenue increased by 8 percent to $136 million. Analysts on average expected earnings of 33 cents on revenue of $135 million, according to Thomson Financial Network. Chief Executive Mohan Maheswaran said the quarter’s results were driven by the datacenter, Internet of Things and smartphone markets. “We continue to believe that our balanced end-market approach and focus on delivering disruptive solutions to exciting growth markets should help the company outperform the industry,” Maheswaran said in a prepared statement. Shares closed up 34 cents, or more than 1 percent, to $26.60 on the Nasdaq.