Semtech Corp Down 8% After Missing Earnings Estimates

Shares of Semtech Corp

are down 8% after the company missed earnings estimates. Net revenue for the fourth quarter of fiscal year 2012 was $104.0 million, down 10.5 percent from the fourth quarter of fiscal year 2011 and down 16.1 percent from the third quarter of fiscal year 2012. Net revenue for the full fiscal year 2012 was $480.6 million, up 5.7 percent from fiscal year 2011. Net income for the fourth quarter of fiscal year 2012, computed in accordance with U.S. generally accepted accounting principles (GAAP), was $12.4 million or 19 cents per diluted share. This compares to GAAP net income of $26.0 million or 39 cents per diluted share in the fourth quarter of fiscal year 2011 and GAAP net income of $27.0 million or 40 cents per diluted share in the third quarter of fiscal year 2012. For the full fiscal year 2012, net income was $89.1 million or $1.32 per diluted share, up from $72.6 million or $1.12 per diluted share in fiscal year 2011.