Semtech Reports Light Revenue, Guides Down for Next Quarter

 |  About: Semtech Corporation (SMTC)
by: Eric Savitz

Semtech (NASDAQ:SMTC) Thursday afternoon reported revenue for the fiscal third quarter ended October 31 of $63.7 million, a bit shy of the Street consensus of $64.1 million. More troubling for the Street, no doubt, is the company’s forecast that fiscal fourth quarter revenue will be down 6% to 8% sequentially, or between $60.3 million and $62.8 million, below the current Street consensus of $65.9 million.

In a statement, Mohan Maheswaran, Semtech’s President and Chief Executive Officer, said that there were “relative pockets of strength” in the latest quarter in medical, military and industrial end-markets, but that “demand related to computing and handset applications were well below normal for this time of year.”

The chip maker did not provide a full financial report, due to its ongoing stock-options back-dating investigation. Semtech said that third quarter operating expenses included about $4.9 million “related to the stock options investigation, SEC inquiry, the grand jury subpoena, the previously announced derivative litigation, the restatement, and related matters.”

In after hours trading, Semtech shares are down 67 cents, to $12.45. In the regular session, the shares had gained 54 cents to $13.12.