What's Going On With Semtech Stock Today?

Semtech Corp SMTC shares are rising Thursday after the company reported better-than-expected financial results after the close on Wednesday.

• Q1 Revenue: $236.54 million beat estimates of $234.99 million
• Q1 EPS: 2 cents beat estimates for a loss of 8 cents

"Semtech exceeded the midpoint of our revenue and earnings guidance as we see signs of business stabilization," said Mohan Maheswaran, president and CEO of Semtech.

"As we continue to navigate this challenging macro-economic environment, we are taking steps to improve our operational efficiency and financial performance while focusing on executing our plans."

On June 6, Semtech entered into a second amendment to its existing credit agreement that provides additional cushion with respect to certain financial covenants.

Outlook: Semtech sees fiscal second-quarter revenue in the range of $233 million to $243 million. Gross margin is expected to be between 42.6% and 44.8% versus 43.5% in the first quarter.

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SMTC Price Action: Semtech shares were up 20.4% at $27 at the time of writing, per Benzinga Pro.

Photo: Michael Schwarzenberger from Pixabay.