Semtech’s 1st-Quarter Profit Plummets 64%

Semtech Corp., a Newbury Park maker of electronic components, posted a 64% drop in net income for its fiscal first quarter ended May 3, earning $152,000 compared with $425,000 a year ago.

Semtech said revenue for the quarter plummeted 34%, to $5 million from $7.7 million a year ago. The company attributed the decline in revenue and profit to reduced orders during its two previous fiscal quarters, especially of commodity military product lines.