Semtech Corporation's (SMTC) stock plummeted more than 24% in the pre-market trading session on Monday, significantly underperforming the broader market.
The semiconductor company's shares took a hit after it warned about missing its sales outlook for fiscal 2026 due to changes in its product architecture. Semtech expects lower than anticipated sales in the next fiscal year as it implements rack-architecture changes to its products, which are believed to have negatively impacted the sales projections, leading to the disappointing outlook.
The warning from Semtech has raised concerns among investors about the company's ability to meet its growth targets, prompting a sell-off in its shares during the pre-market trading session on Monday.
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