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Semtech Q2 revenues soar

By   /   Wednesday, August 31st, 2016  /   Comments Off on Semtech Q2 revenues soar

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Semtech revenues increased along with profits and earnings per share during the second quarter of fiscal year 2017 the company announced Aug. 31.

Semtech, a Camarillo-based manufacturer of semi-conductors for the smartphone industry, released quarterly earnings results Aug. 31. Revenues increased 8 percent from $125.7 million during the same quarter last year to $135.9 million this year. Analysts had expected revenues of about $135.5 million, according to Zacks Investment Research.

Net income increased to $8.9 million, up from a loss of 313,000 last year.

Earnings per share also increased on the quarter from 0 cents per share last year to 14 cents per share this year.

The company said in a news release the company should make $26 million on its $32.5 million sale of its Snowbush IP subsidiary to Rambus.

Revenues during the quarter are expected to be between $134 and $142 million.

Semtech shares closed Aug. 31 up 34 cents to $26.60. In after-hours trading the stock was up 51 cents to $27.11 as of 3:59 p.m.

-Contact Philip Joens at [email protected]

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