Why Semtech Stock Plunged Today
Shares of Semtech (NASDAQ: SMTC) were down by almost 30% as of 1:33 p.m. ET Thursday after the chipmaker reported earnings results for its fiscal second quarter, which ended July 31.
For the quarter, revenue grew 13% year over year and 3.5% over the previous quarter. That was a deceleration in growth compared to its fiscal first quarter, when the top line grew by 19% year over year. What's more, a weakening economic backdrop caused management to issue a cautious outlook for the second half of the year.
Year to date, the stock is down 64% as the market anticipates a rough short-term stretch for the chipmaker.
Source Fool.com
