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On August 31, 2022, Semtech announced lower than expected guidance for the fourth quarter 2022 due to “weakness in the consumer sector.” The Company blamed the downturn on “macroeconomic softness” and ongoing pandemic-related challenges in China.
Following this news, Semtech’s stock price fell by $12.54 per share, or approximately 27% to close at $33.65 per share.
Further, on March 29, 2023, Semtech announced weak guidance for the first quarter of fiscal 2024 attributing it to lower than expected consumer demand and an extremely “weak China.”
Following this news, Semtech’s stock price fell by $6.86 per share, or approximately 21% to close at $25.25 per share.