Chinese Balloon Shot Down Galaxy S23 Ultra: Hands-On Netflix Password-Sharing Crackdown Super Bowl Ads Google's Answer to ChatGPT 'Knock at the Cabin' Review 'The Last of Us' Episode 4 Foods for Mental Health
Want CNET to notify you of price drops and the latest stories?
No, thank you

Semtech vaults past third-quarter forecasts

Semiconductor manufacturer Semtech Corp. (Nasdaq: SMTC) easily topped analysts' estimates in its third quarter Monday, raking in $8.4 million, or 24 cents a share, on sales of $47.1 million.

First Call consensus expected the Newbury Park, Calif. company to earn 21 cents a share in the quarter.

Its shares closed off 2 1/16 to 50 3/4 ahead of the earnings report.

The $47.1 million in sales marks a 65 percent improvement compared to the year-ago quarter when it pocketed $3.4 million, or 11 cents a share, on sales of $28.5 million.

"I am delighted to report another record quarter," said CEO Jack Poe in a prepared release. "We continue to increase our technical resources, which in turn has resulted in more new products, increased design wins, a diversification of applications and customers, and ultimately record financial performance."

In the quarter, new orders increased 31 percent sequentially over the second quarter. Demand from customers in the communications, computer and industrial markets was strong throughout the third quarter.

Company officials said it has increased its sequential revenue growth target for the fourth quarter of fiscal year 2000 from a range of 7 percent to 9 percent to a range of 12 percent to 14 percent.

Last quarter, Semtech beat Street estimates by 5 cents a share, earning $6.2 million, or 36 cents a share, on sales of $38.3 million.

Its stock surged to a 52-week high of 53 1/2 last week after trading at a low of 12 1/4 in March. In between, it split 2-for-1 in September.

First Call consensus expects it to earn 22 cents a share in its fourth quarter and 76 cents a share in the fiscal year.

All five analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.