Semtech shares up after earnings report
Camarillo-based Semtech Corp. delivered a strong fourth quarter and full year fiscal 2021 earnings report after the markets closed March 16, recording an all-time best revenue mark along with a bump in net profit for the full year.
Semtech, a semiconductor company specializing in Internet of Things applications, had revenue of $740.9 million for the full year in 2021, a company record and a 25% increase over 2020. According to Yahoo Finance, a group of 10 analysts covering the company expected a year-over-year revenue increase of 15%.
The company also had net income of $125.6 million, equating to earnings per share of $1.94 and representing a more than 100% rise year-over-year.
Semtech CEO Mohan Moheswaran credited the growth to sales of semiconductor systems for Internet of Things applications such as remote sensing and analytics.
Semtech shares rose nearly 5% in after-hours trading on March 16, with the stock price hovering above $69. The company’s stock is still down since the start of the year, however, by about 25%.