Semtech swung to a profit and reported higher revenue in the second quarter, as the company said it is expecting an inflection in revenue growth.

The semiconductor company on Tuesday reported a profit of $160.1 million, or $1.59 a share, in the quarter ended July 26. That compares with a loss of $27.1 million, or 31 cents a share, in the same period a year earlier.

Stripping out certain one-time items, adjusted earnings were 71 cents a share. Analysts polled by FactSet were expecting 61 cents a share.

Revenue rose to $341.9 million from $257.6 million. Analysts were expecting $328.7 million in revenue.

Shares rose 2.8% to $131.13 in after-hours trading on Tuesday. The stock closed up 5.5% at $127.52, having gained 73% this year.

"The Semtech team executed exceptionally well, delivering record revenue across our key focus areas, earnings leverage that continued to outpace revenue growth and significant progress on portfolio optimization," Chief Executive Officer Hong Hou said. "Accelerating bookings and record backlog point to a strong inflection in growth with new revenue drivers and visibility expected to extend well into next fiscal year."

For the current third quarter, the company is projecting adjusted earnings of between $1.02 and $1.08 a share on revenue between $405 million and $415 million.

Analysts are expecting third-quarter adjusted earnings of 73 cents a share on $359.9 million in revenue.