Semtech Corporation (SMTC) has reported 71.64 percent jump in profit for the quarter ended Apr. 30, 2017. The company has earned $11.82 million, or $0.18 a share in the quarter, compared with $6.89 million, or $0.11 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $29.34 million, or $0.44 a share compared with $19.52 million or $0.30 a share, a year ago. 

Revenue during the quarter grew 9.65 percent to $143.80 million from $131.14 million in the previous year period. Gross margin for the quarter contracted 83 basis points over the previous year period to 59.05 percent. Total expenses were 87.30 percent of quarterly revenues, down from 89.88 percent for the same period last year. This has led to an improvement of 258 basis points in operating margin to 12.70 percent.

Operating income for the quarter was $18.26 million, compared with $13.27 million in the previous year period.

Mohan Maheswaran, Semtech’s president and chief executive officer stated, "We are pleased with the strong start to fiscal year 2018 with Q1 non-GAAP net sales and profitability coming in at the upper end of our guidance. Demand remains strong for several of our key growth platforms highlighted by record quarterly results from both our 100G ClearEdge platforms for cloud and hyper-scale datacenter applications, and our LoRa wireless platforms." Maheswaran continued, “I am excited by the number of opportunities we are seeing from our target markets that include datacenters, mobile devices and particularly IoT, where our LoRa platform continues to gain tremendous momentum. We expect this broad-based strength to continue and contribute to a record annual financial performance for the year."

For the second-quarter, Semtech Corporation projects revenue to be in the range of $147 million to $157 million. It projects adjusted revenue to be in the range of $150 million to $160 million. The company forecasts diluted earnings per share to be in the range of $0.20 to $0.26. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.43 to $0.49..

The company has spent $9.92 million cash to meet investing activities during the quarter as against cash outgo of $2.71 million in the last year period.

The company has spent $16.02 million cash to carry out financing activities during the quarter as against cash outgo of $6.87 million in the last year period.

Cash and cash equivalents stood at stood at $281.55 million as at Apr. 30, 2017.