Semtech Corporation, Inc. (NASDAQ: SMTC) experienced a remarkable surge in its share prices, rising by an impressive 23.41% during pre-market trading on Thursday. This significant increase follows the release of the company’s impressive Q1 earnings results, which demonstrate its resilience in the face of challenging times.
Semtech Corporation surpassed analysts’ expectations by 125%, reporting an EPS (earnings per share) of $0.02, exceeding the consensus estimate of $(0.08). In addition, the company’s quarterly sales reached $236.54 million, marking a 0.66% increase over the projected $234.99 million.
Semtech Corporation experienced a notable decrease in earnings compared to the same period last year, with a drop of 97.5% from $0.80 per share. However, the company witnessed a substantial 17.01% growth in sales, reaching $202.15 million.
As of press time, SMTC stock is trading at the price of $27.68, showing an increase of 23.41% compared to the previous closing price.
On June 7th, SMTC stock opened slightly higher than the previous day’s close. Throughout the trading day, shares were traded within a range of $22.33 and $22.95 before finally closing at $22.43. The trading volume reached 2,270,928 (2.27 million), surpassing the average volume of 1.71 million over the past three months. Currently, SMTC’s market capitalization stands at $1.41 billion.