Semtech Rallies After Q3 Profit Beats Street View

Posted on

Shares of Semiconductor company Semtech Corporation (SMTC) are surging more than 18% Thursday morning after reporting third-quarter earnings above analysts’ view.

Excluding special items, Semtech posted earnings of $0.02 per share for the third quarter, that beat the average estimate of analysts polled by Thomson-Reuters of $0.13 loss per share.

The company reported a net loss of $38.25 million or $0.60 per share compared with earnings of $22.75 million or $0.36 per share last year.

Sales for the quarter rose to 200.9 million from 177.6 million last year.

SMTC is at $19.96 currently. It has traded in the range of $13.13 – $35.18 in the last 1 year.

Source: Read Full Article