Semtech Corp (SMTC) delivered a classic case of mixed results Monday evening, posting earnings that topped expectations while revenue came up just short. The semiconductor and IoT systems provider reported fiscal third-quarter earnings of 48 cents per share, beating analyst estimates of 45 cents. But revenue of $267 million missed the $268.83 million consensus, even as it marked a solid 13% jump from the prior year.

The market didn't seem thrilled with the performance. Semtech shares fell more than 5% in after-hours trading, dropping to $66.43.

Looking Ahead: The company's fourth-quarter guidance may have contributed to the tepid response. Semtech expects revenue between $268 million and $278 million, essentially flat at the low end compared to Q3. Adjusted earnings are projected at 40 cents to 46 cents per share, versus analyst expectations of 43 cents.

CEO Hong Hou struck an optimistic tone despite the market reaction, emphasizing the company's positioning in high-growth areas. "As power constraints intensify for our customers, we believe we are positioned to lead with ultra-power-efficient solutions spanning high-bandwidth data center networking, LoRa connectivity for rapidly expanding IoT use cases, and sensing technologies that enhance the functionality of next-generation AI interfaces," Hou said.

Semtech pointed to disciplined R&D investments and expanding customer partnerships as drivers behind the quarter's performance. The company closed Q3 with $164.7 million in cash and cash equivalents, providing flexibility for continued investment.

Management was scheduled to discuss the results in more detail during an earnings call at 4:30 p.m. ET.