Semtech Stock Surges 15% on Record Quarterly Sales
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BTCCSquare news:
Semtech's shares skyrocketed 15% following a blockbuster earnings report that shattered quarterly net sales records. The specialty chipmaker posted $257.6 million in revenue—a 20% year-over-year increase—while adjusted net income ballooned to $36.7 million from $8.1 million in the prior-year period.
The company outperformed analyst expectations of $256 million revenue and $0.40 EPS, marking its sixth consecutive quarter of year-over-year sales growth. Data center segment revenue nearly doubled to $52 million, driving the exceptional results.
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