Semtech down after CFO warns of margin headwinds

Shares of Semtech SMTC.O down 3.5% at $67.50 after CFO warns margin gains will be modest as IoT mix weighs following a modest sales beat

Co posts Q3 net sales of $267 mln vs $266.41 mln estimate

"We expect net sales from the high-end consumer market to be down, reflective of typical seasonality," CFO Mark Lin says on earnings call

Estimates Q4 revenue $268 mln-$278 mln vs Street estimate of $271.1 mln

"We did get a little bit of a tailwind from the CopperEdge shipments this quarter, but as other portions of our business inflect upward, there’s a little bit lower margin in IoT, our systems hardware business," CFO Mark Lin says

SMTC stock up 13.2% YTD, as of last close