{"id":60871,"date":"2023-09-14T08:59:56","date_gmt":"2023-09-14T12:59:56","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/semtech-stock-falls-as-loss-forecast-while-street-was-expecting-a-profit\/"},"modified":"2023-09-14T08:59:59","modified_gmt":"2023-09-14T12:59:59","slug":"semtech-stock-falls-as-loss-forecast-while-street-was-expecting-a-profit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=60871","title":{"rendered":"Semtech stock falls as loss forecast, while Street was expecting a profit"},"content":{"rendered":"
\n

Semtech Corp. shares fell Wednesday after the analog and mixed-signal chip maker forecast a loss for the current quarter while Wall Street expected a profit.<\/p>\n

Semtech
\n SMTC,
\n +0.66%<\/bg-quote>
\n shares fell as much as 6% in the extended session after closing up 0.7% on Wednesday at $22.87.<\/p>\n

\n

The company forecast an adjusted loss of 22 cents to 9 cents a share on revenue of $190 million to $210 million for the third quarter, while analysts surveyed by FactSet had estimated adjusted earnings of 12 cents a share on revenue of $247.7 million. <\/p>\n

\u201cWhile we remain cautious given the current challenges of broader economic uncertainties and high channel inventory, I am confident that our ongoing operational refinements and strong presence in key markets keep us poised to recover as economic conditions evolve,\u201d Paul Pickle, Semtech\u2019s chief executive, said in a statement.<\/p>\n

The company reported a second-quarter loss of $382 million, or $5.97 a share, compared with a loss of $29.4 million, or 46 cents a share, in the year-ago period. Adjusted earnings, which excludes stock-based compensation expenses and a $279.6 million goodwill impairment charge, was 11 cents a share, compared with 87 cents a share in the year-ago period.<\/p>\n

Revenue rose to $238.4 million from $236.5 million in the year-ago quarter.<\/p>\n

Analysts had forecast adjusted earnings of 2 cents a share on revenue of $237.4 million.<\/p>\n

Last Wednesday, Semtech notified the Securities and Exchange Commission that it would file its quarterly report late.<\/p>\n

Last Friday, Semtech welcomed a new chief financial officer, but lost a stock analyst\u2019s coverage. Before he discontinued coverage of the company, TD Cowen analyst Matthew Ramsay said he saw Semtech\u2019s \u201cvery tough restructuring and turnaround both far from being over.\u201d<\/p>\n

Ramsay had said Semtech\u2019s expected goodwill impairment marked \u201ca shockingly rapid recognition\u201d of the impact from the company\u2019s $1.2 billion cash acquisition of Sierra Wireless. Ramsay had warned of \u201ca potential correction coming\u201d in the acquired business in a June note.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Semtech Corp. shares fell Wednesday after the analog and mixed-signal chip maker forecast a loss for the current quarter while Wall Street expected a profit. Semtech SMTC, +0.66% shares fell as much as 6% in the extended session after closing up 0.7% on Wednesday at $22.87. The company forecast an adjusted loss of 22 cents […]<\/p>\n","protected":false},"author":1,"featured_media":58837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-60871","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nSemtech stock falls as loss forecast, while Street was expecting a profit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Semtech Corp. shares fell Wednesday after the analog and mixed-signal chip maker forecast a loss for the current quarter while Wall Street expected a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=60871\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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