Semtech (NASDAQ:SMTC) stock is falling on Thursday following the release of its earnings report for the fourth quarter of fiscal 2023.
Starting off with its profits, the company reported adjusted earnings per share (EPS) of 47 cents. That’s worse than the 48 cents per share Wall Street was expecting for the quarter. It’s also a drop from the 70 cents per share reported in the same period of the year prior.
To go along with that, Semtech reported revenue of $167.5 million. That’s above analysts’ estimate of $151.46 million analysts were expecting. However, it’s a drop from the $190.55 million in revenue reported in the fourth quarter of fiscal 2022.
While Semtech was able to beat out Wall Street’s revenue estimates, investors clearly aren’t happy about those EPS results. In addition to that, both EPS and revenue are down year-over-year (YOY), which is also weighing on SMTC stock today.
What’s Next for SMTC Stock?
Things aren’t looking good for SMTC shares when looking at its latest outlook. This has the company expecting adjusted EPS to range from -11 cents to -4 cents for fiscal Q1 2024. That would be a major blow to the stock considering Wall Street’s estimate of 43 cents per share.
As far as trading goes today, some 506,000 shares of SMTC stock have changed hands as of this writing. That’s still below its daily average trading volume of about 960,000 shares. Also, SMTC is down 21.2% in pre-market trading today.
Investors looking for all of the latest stock market news are in luck!
We’ve got all of the hottest stock market coverage traders need to know about on Thursday! That includes why shares of Boxed (NYSE:BOXD), Safe & Green Holdings (NASDAQ:SGBX), and Biophytis (NASDAQ:BPTS) stock are moving today. You can find out more on these matters at the links below!
More Thursday Stock Market News
- Why Is Biophytis (BPTS) Stock On The Move Today?
- Why Is Safe & Green (SGBX) Stock Up 36% Today?
- Why Is Boxed (BOXD) Stock Up 32% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.