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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Semtech Corp | NASDAQ:SMTC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.60 | 1.52% | 40.00 | 39.00 | 40.78 | 40.365 | 38.52 | 39.92 | 1,170,682 | 00:56:22 |
Semtech Corp. said demand from its largest smartphone customer was much lower than expected in the April quarter, and it projected results below Wall Street views for the current quarter.
The company added that demand was strong in its enterprise computing and communication markets.
In after-hours trading, Semtech shares were down 8.65% to $22.49.
Semtech projected earnings excluding items of 21 cents to 26 cents a share on sales of $120 million to $130 million for the July quarter. Analysts polled by Thomson Reuters expect earnings of 37 cents a share on revenue of $142 million.
In March, the company said fiscal 2015 had been a "transition year" that included a decline in its optical long-haul business. At the time, the company was hopeful about expanding into growing sectors like "the Internet of things." On Wednesday, Semtech said demand for its Internet of things-focused LoRa wireless platform is "seeing an acceleration."
Last month, Semtech sold its defense and microwave communications infrastructure business to newly formed Jariet Technologies Inc. Semtech holds a minority stake in Jariet.
Semtech said it increased its stock-buyback authorization to $100 million. It had $30 million remaining under a previous buyback plan.
For the period ended April 26, Semtech reported a loss of $142,000, or break-even on a per-share basis, compared with a profit of $7.9 million, or 12 cents a share, a year earlier. Excluding stock-based compensation and other items, earnings fell to 27 cents a share from 32 cents. Revenue fell 2% to $130.1 million.
Semtech had projected per-share earnings of 27 cents to 30 cents and net sales of $130 million to $136 million.
Write to Josh Beckerman at josh.beckerman@wsj.com
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