Technology stocks were slightly higher Thursday, with shares of
technology companies in the S&P 500 advancing about 0.2% this
In company news, Semtech (
) shares rose Thursday after the specialty chip-maker reported Q1
earnings and revenue that beat analyst projections.
SMTC shares were up about 5.8% at $24.55 each in recent trade,
earlier climbing to a session high of $24.74 a share. The stock has
a 52-week range of $21.38 to $37.45 a share, declining nearly 32%
over the past 12 months.
The company reported GAAP net income of $7.9 million, or $0.12
per share, during the three months ended April 27, down from $14.8
million during the year-ago period. Excluding non-recurring items,
it earned $0.32 per share, exceeding the Capital IQ consensus
estimate by $0.02 per share.
Revenues fell 18.2% year over year to $132.9 million, topping
the Street view by around $2.67 million.
For the 12 months ending next January, SMTC is expecting
adjusted per-share earnings in a range of $0.36 to $0.42, in-line
with the analyst consensus looking for $0.37 per share.
Revenue for the current quarter ending in July is projected in a
range of $138 million to $146 million, also matching estimates
expecting a $138.29 million in quarterly revenue.
In other sector news,
(+) NTLS, (+16.4%) Extends strategic network alliance with
) through 2022, acting as exclusive network provider for around 2.1
mln customers in West Virginia and Virginia.
(-) WUBA, (-6.8%) Q1 EPS of $0.03 trails consensus by $0.01 per
share. Revenue of $48.2 mln lagged estimates by around $3.62 mln.
Q2 revenue guidance of $61 mln to $63 mln tops Street view by at
least $3.2 mln.