Semtech Corp ( SMTC ) shares are moving lower in Tuesday’s after-hours session on the heels of the company’s first-quarter results. Here’s a rundown of the report.

Q1 Revenue: $251.1 million, versus estimates of $250.09 million

Q1 Adjusted EPS: 38 cents, versus estimates of 37 cents

Total revenue was up 22% year-over-year in the first quarter. The semiconductor, IoT systems and cloud connectivity service provider reported GAAP gross margin of 52.3%, up from 48.3% in the prior year’s quarter.

Semtech ( SMTC ) ended the period with $156.5 million in cash and cash equivalents.

“I am pleased with our solid first quarter results that reflected improving demand trends, strong business fundamentals and disciplined execution in a dynamic environment,” said Hong Hou, president and CEO of Semtech ( SMTC ).

“At the same time, we continue investing strategically in innovation, go-to-market capabilities, and operational scale — laying a strong foundation for sustained growth and long-term value creation.”

Outlook: Semtech ( SMTC ) expects second-quarter revenue of $256 million, plus or minus $5 million, versus estimates of $255.55 million. The company anticipates second-quarter adjusted earnings of 40 cents per share, plus or minus three cents per share, versus Benzinga Pro estimates of 39 cents per share.

Semtech ( SMTC ) executives will further discuss the quarter on a conference call with investors and analysts at 4:30 p.m. ET.

SMTC Price Action: Semtech ( SMTC ) shares were down 2.40% in after-hours, trading at $37.85 at the time of publication on Tuesday, according to Benzinga Pro.

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