Semtech Shares Plunge 28% on Material Guidance Cut
<p><a href='https://financialmodelingprep.com/financial-summary/SMTC'>Semtech Corporation (NASDAQ:SMTC)</a> shares plummeted more than 28% on Thursday following the company’s reported Q2 results. While both EPS of $0.87 and revenue of $209.3 million came in better than the Street estimates of $0.85 and $208.29 million, respectively, the outlook was disappointing. </p>
<p>For Q3/23, the company expects EPS to be in the range of $0.60-$0.66, compared to the Street estimate of $0.90, and revenue in the range of $170-$180 million, compared to the Street estimate of $215.61 million.</p>
<p>Following the results, analysts at Oppenheimer downgraded the company to perform from outperform, noting the material cut in the company’s Q3 guidance as book-bill drops below 1 for all segments, including LoRa. The analysts believe bookings contracted by more than 20%.</p>

NASDAQ:SMTC