Camarillo’s Semtech reports loss for second quarter
Camarillo-based Semtech said it lost $313,000 in an earnings report for the second quarter of its 2016 fiscal year on Aug. 19.
Semtech makes analog and mixed signal semiconductors. The results continue a slow year for Semtech, which lost $142,000 in the first quarter. That amounted to a loss of less than one cent per share. Earnings were hampered in part due to $3.6 million being spent by the company to lay off about 8 percent of its workforce.
Semtech had revenues of $125.7 million during the quarter, down from $145.7 million during the same quarter last year. Analysts surveyed by investment research firm Zacks predicted the company would have revenues of just $122.9 million.
During the first and second quarters, Semtech’s revenues are down from $278.6 million last year to $255.8 million.
Semtech predicted third-quarter revenues between $110 million and $120 million.
On July 15, Semtech announced plans to lay off about 8 percent of its workforce. That move was designed to save the company about $20 million per year. At the time, Semtech’s website said it employed more than 1,200 people
A $3.6 million charge related to the layoffs will be spread between the second and third quarters of the 2016 fiscal year.