Semtech Corporation (NASDAQ:SMTC) Q3 2023 Earnings Conference Call November 30, 2022 5:00 PM ET
Company Participants
Anojja Shah - Vice President of Investor Relations
Emeka Chukwu - Executive Vice President and Chief Financial Officer
Mohan Maheswaran - President and Chief Executive Officer
Conference Call Participants
Tore Svanberg - Stifel
Harsh Kumar - Piper Sandler
Trevor Janoskie - Needham
Craig Ellis - B. Riley Securities
Christopher Rolland - Susquehanna
Operator
Greetings and welcome to the Semtech Corporation Conference Call to discuss the Third Quarter Fiscal Year 2023 Financial Results. Speakers for today's call will be Mohan Maheswaran, Semtech's President and Chief Executive Officer; and Emeka Chukwu, Semtech's Executive Vice President and Chief Financial Officer. Please note that this conference is being recorded. At this time all participants are in a listen-only made. A question-and-answer session will follow the formal presentation.
I will now turn the call over to Semtech's Vice President of Investor Relations, Anojja Shah. Thank you. You may begin.
Anojja Shah
Thank you, John. A press release announcing our unaudited results was issued after the market closed today and is available on our website at semtech.com. Today's call will include forward-looking statements that include risks and uncertainties that could cause actual results to differ materially from the results anticipated in these statements.
For a more detailed discussion of these risks and uncertainties, please review the safe harbor statement included in today's press release and in the other risk factors section of our most recent periodic reports filed with the Securities and Exchange Commission. As a reminder, comments made on today's call are current, as of today only, and Semtech undertakes no obligation to update the information from this call should facts or circumstances change.
During this call, all references made to financial results in our remarks will refer to non-GAAP financial measures unless otherwise noted. A discussion of why the management team considers such non-GAAP financial measures useful, along with detailed reconciliations of such non-GAAP measures to the most comparable GAAP financial measures are included in today's press release.
And with that, I’ll turn it over to our Chief Financial Officer, Emeka Chukwu. Emeka?
Emeka Chukwu
Thank you, Anojja. Good afternoon, everyone. In Q3 fiscal 2023, in-line with our guidance, Semtech delivered Q3 net revenue of $177.6 million, a sequential decrease of 15% and a year-over-year decrease of 9%. We face a challenging macroeconomic environment and see sustained softness in the consumer market and overall weakness in China, but we are beginning to see signs of stability on several bright spots.