Shares of Semtech (NASDAQ:SMTC) crashed in today’s trading session after it reported earnings for its fourth quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.47 with revenue of $167.51 million. This missed EPS estimates of $0.48 but beat revenue estimates by more than $16 million.
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The company completed the acquisition of Sierra Wireless for $1.3 billion during the quarter, which contributed $15 million to revenue following the deal’s close.
Looking forward, management expects adjusted EPS for Q1 2024 to be in the range of -$0.11 to -$0.04. For reference, analysts were expecting an adjusted EPS of $0.42.
A look at the past five trading days highlights the negative impact today’s news had on SMTC stock. Shares were steadily hovering above $30 but are now trading in the mid-$24 range.