Semtech Q3 2023 Earnings Report
Key Takeaways
Semtech reported a decrease in net sales but achieved record GAAP and non-GAAP gross margins. The company is cooperating with the DOJ on the proposed acquisition of Sierra Wireless and issued convertible senior notes.
Net sales decreased by 15.1% sequentially and 8.9% year-over-year, reaching $177.6 million.
GAAP gross margin reached a record 65.1%, and non-GAAP gross margin also reached a record at 65.5%.
GAAP and non-GAAP diluted earnings per share were $0.36 and $0.65, respectively.
Tri-Edge was selected by a major North American Hyperscale Data Center Provider for a high volume, multi-year program.
Semtech
Semtech
Forward Guidance
Semtech anticipates net sales between $145.0 million and $155.0 million for the fourth fiscal quarter of 2023. The outlook considers transaction costs for the proposed Sierra Wireless acquisition and inflationary pressures, but excludes Sierra Wireless's results.