Shares of Semtech (SMTC) are surging in Tuesday's afternoon trading after the semiconductor device maker reported third quarter results that exceeded market expectations.

The company delivered revenue of $236.8 million, surpassing analysts' projections of $232.9 million. Semtech also reported adjusted earnings per share of $0.26, beating the anticipated $0.23 per share. Adding to the positive momentum, the company provided an optimistic fourth quarter guidance that further boosted investor confidence.

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This post was written by Angel Smith