Semtech Q1 Earnings, Revenue Top Estimates

(RTTNews) - Semtech Corporation (SMTC) on Wednesday reported first-quarter earnings and revenue that topped estimates.

Wednesday, the stock was trading at $25.65 in the after-hours, up 14% or $3.22 a share, on the Nasdaq.

The company reported a net loss of $29.4 million or $0.46 per share for the quarter, narrower than the loss of $38 million or $0.59 per share the prior year.

On an adjusted basis, it reported an income of $1.5 million or $0.02 per share, lower than the income of $51.8 million or $0.80 per share the prior year. However, it still beat the Street's estimate of a loss of $0.08 per share.

Revenue increased to $236.5 million from the $202.1 million the previous year. It beat the consensus estimate of $234.9 million.

For the second quarter, the company expects to report between a loss of $0.02 and earnings of $0.06 per share. Analysts currently expect a loss of $0.02 per share. Net sales are expected to be in the range of $233.0 million to $243.0 million, compared to the analyst consensus of $242.66 million.