Tech stock under pressure: Semtech Corporation (NASDAQ: SMTC)

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Semtech Corporation (NASDAQ: SMTC) stock lost over 6.3% on 14th March, 2019 (as of 14 Mar, 11:48 am GMT-4; Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19

Tech stock under pressure: Semtech Corporation (NASDAQ: SMTC)

SMTC in the fourth quarter of FY 19 has reported the adjusted earnings per share of 55 cents, beating the analysts’ estimates for the adjusted earnings per share of 54 cents. The company had reported the adjusted revenue of $160 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue of $159.8 billion.

For the first quarter of 2020, SMTC expects Non-GAAP gross margin to be in the range of 61.9% to 62.5%, Non-GAAP SG&A expense is expected to be in the range of $26.5 million to $27.5 million, Non-GAAP R&D expense is expected to be in the range of $24.5 million to $25.5 million, Non-GAAP Interest and other expense is expected to be approximately $2.0 million, Non-GAAP Effective tax rate is expected to be in the range of 15% to 19% and Non-GAAP Earnings per diluted share are expected to be in the range of $0.30 to $0.36.

Meanwhile, SMTC has introduced a cloud-based gelocation service that is intended to be compatible with all LoRaWAN based devices and almost any network server. According to the semi-conductor maker, the LoRa Cloud Geolocation service can be easily integrated to provide a low-cost, performance-optimised solution. The geolocation service is also the first of a variety of cloud services products that Semtech plans to offer in support Internet of Things (IoT) application development. Further, SMTC has announced the availability of LoRa Cloud Geolocation, a new Cloud-based geolocation service that is compatible with the LoRaWAN protocol and almost any network server. The geolocation service can be easily integrated to provide a low-cost, performance-optimized solution, and is the first of a variety of Cloud services products that Semtech will be offering to support IoT application development. LoRa Cloud Geolocation was in beta test this year with limited partners and over the coming quarter, many more users are expected to integrate the new service into their platforms. The new Cloud-based geolocation service was designed from the outset to support flexibility in deployment options providing geolocation service availability to any IoT devices.

Additionally, SMTC has announced the addition of RClamp 3552TQ into its ever expanding portfolio of AEC-Q100 qualified devices. This new device extends the offering of products specifically targeted at Advanced Driver Assistance Systems (ADAS) and the design needs of high speed data interfaces for processing images towards emergency braking and collision avoidance.

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