Date: 08/06/2023

Semtech reports $236.5 million quarterly revenue, up 41.2% sequentially and 17.0% y-o-y

Semtech reported its unaudited financial results for its first quarter of fiscal year 2024, which ended April 30, 2023 with net sales of $236.5 million, an increase of 41.2% sequentially and 17.0% year-over-year.

“Semtech exceeded the midpoint of our revenue and earnings guidance as we see signs of business stabilization,” said Mohan Maheswaran, Semtech’s President and Chief Executive Officer. “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. With an expanded highly differentiated IoT portfolio, combined with our best-in-class High Performance Analog portfolio, we are well positioned to emerge stronger from this current cycle.”

Second Fiscal Quarter 2024 Outlook: Net sales are expected to be in the range of $233.0 million to $243.0 million