Semtech Corp (NASDAQ: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 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.

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

SMTC Price Action: Semtech 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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