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Name | Symbol | Market | Type |
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Smart Cash Etf | LSE:SMTC | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.86 | 0.07% | 1,196.65 | 1,195.70 | 1,196.23 | 1,196.23 | 1,195.70 | 1,195.99 | 1,162 | 16:35:10 |
DOW JONES NEWSWIRES
Semtech Corp.'s (SMTC) fiscal second-quarter profit dropped 36% on lower sales and margins, although the company reported increased demand in some segments.
Shares fell 3% to $17 in after-hours trading as the semiconductor company forecast fiscal third-quarter earnings below Wall Street's expectations. The stock has doubled from a six-year low in November.
Still, Semtech expects higher revenue growth in the current quarter than analysts estimated and its second-quarter results topped its own guidance.
"Semtech delivered solid financial results in the second quarter as we saw stronger demand from the high-end consumer, communications and computing segments," said Chief Executive Mohan Maheswaran.
Semtech, hurt along with other chip makers by a drop in demand since last fall, has been shifting its focus to higher-profit growth opportunities from commodity-like businesses. Several chip makers have noted an improving market, including Analog Devices Inc. (ADI) on Tuesday.
For the quarter ended July 26, Semtech, which makes analog and mixed-signal chips, reported a profit of $7.4 million, or 12 cents a share, down from $11.7 million, or 19 cents a share, a year earlier.
Revenue dropped 15% to $66.3 million.
In May, Semtech predicted earnings, including items, of 9 cents to 11 cents a share and revenue of $62.5 million to $64.9 million.
Gross margin slipped to 54.5% from 54.9%, while inventory slid 4.8% since Jan. 25.
Looking ahead, Semtech expects fiscal third-quarter earnings of 12 cents to 14 cents a share and sequential revenue growth of 6% to 10%. That revenue growth would put the figure above the $67.8 million projected by a Thomson Reuters analyst poll.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com
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