Semtech shares drop as revenue misses Street view
Semtech Corp. shares dropped in the extended session Wednesday after the chipmaker's revenue for the quarter and revenue outlook for the next fell below Wall Street estimates. Semtech shares fell 10% to $35.15 after hours. The company reported second-quarter net income of $12.6 million, or 19 cents a share, compared to $11.8 million, or 18 cents a share, in the year-ago period. Adjusted earnings were 48 cents a share. Revenue rose to $153.1 million from $135.9 million in the year-ago period. Analysts surveyed by FactSet had estimated 47 cents a share on revenue of $155.6 million. For the third quarter, Semtech estimates adjusted earnings of 48 cents to 52 cents a share on revenue of $145 million to $153 million, or adjusted revenue of $152 million to $160 million. Analysts expect earnings of 49 cents a share on revenue of $160.5 million.
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