Investing.com -- Semtech reported Thursday better-than-expected fourth-quarter results as increased demand for AI and machine learning applications fueled data center sales and stronger margins.
Semtech Corporation (NASDAQ:SMTC) shares gained nearly 12% in after-hours trading following the report.
For three months ended Jan. 26, the semiconductor and cloud services provider reported adjusted earnings per share of $0.40 on revenue of $251M. Analysts polled by Investing.com anticipated adjusted EPS of $0.33 on revenue of $250.18M.
Adjusted gross margin rose to 53.2% in Q4 from 48.9% the prior year.
For Q1, the company sees adjusted EPS in a range of $0.34 to $0.40 on revenue of $245M to $255M, compared with estimates for adjusted EPS of $0.34 on revenue of $250.92M.
