04:46 PM EDT, 08/27/2024 (MT Newswires) -- Semtech ( SMTC ) reported fiscal Q2 non-GAAP earnings late Tuesday of $0.11 per diluted share, down from $0.13 a year earlier.

Analysts polled by Capital IQ expected normalized earnings of $0.10 per share.

Net sales for the quarter ended July 28 were $215.4 million, down from $238.4 million a year earlier.

Analysts surveyed by Capital IQ expected $212.3 million.

The company said it expects fiscal Q3 non-GAAP diluted earnings per share of $0.23 plus/minus $0.03. Analysts are expecting normalized earnings of $0.20 per share.

Net sales for Q3 are projected to be $233 million plus/minus $5 million. Analysts are looking for $227.5 million.

Shares of Semtech ( SMTC ) were up 6% in after-hours activity.

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