Connectivity tech company (NASDAQ: SMTC) really connected with investors on Thursday. They bid its share price up by almost 5%, on a day when the S 500 index bumped a comparatively modest 0.6% higher. The stock's rise was due nearly entirely to its latest set of quarterly earnings.

Semtech unveiled its fiscal 2024 first-quarter results after market hours on Wednesday. These showed that the company's net sales amounted to $236.5 million, a robust 17% higher year over year. That topped the average analyst estimate of just over $235 million.

Meanwhile, Semtech surprised on the bottom line. Its adjusted net income was $1.5 million, or $0.02 per share. While that was far down from the nearly $52 million the company netted in the year-ago quarter, it trounced the collective analyst expectation of a $0.08 per share loss.

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Source Fool.com