Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
Investing.com -- Semtech Corp reported second-quarter earnings that edged past Wall Street estimates and issued guidance which was largely in line with expectations.
Shares of the semiconductor and IoT systems provider fell 3% in extended trading.
The company posted adjusted earnings of $0.41 per share for the quarter ended July 27, compared with analysts’ consensus of $0.40.
Revenue rose to $257.6 million, slightly above estimates of $256.1 million.
For the third quarter, Semtech said it expects earnings of $0.41 to $0.47 per share on revenue between $261 million and $271 million. Analysts were expecting $0.44 per share on $265 million.
The company said stronger sales growth and improving profitability supported cash flow gains and debt reduction during the quarter.
"We believe we are well positioned to capture the high-growth opportunities ahead, supported by targeted investments in our core businesses," said CEO Hong Hou