Semtech Corp. shares rose nearly 8 percent Thursday, despite the semiconductor maker providing a cautious outlook for the year as electronics manufacturers slow production due to the poor economy.

Camarillo-based Semtech after Wednesday’s market close reported net income of $11.5 million (19 cents per share), for the quarter ended Oct. 26, down 28 percent from $16 million (24 cents) a year ago. Revenue rose 1.5 percent to $79.7 million.

Adjusting for one-time charges Semtech, whose chips are used in laptop computers, cell phones and networking equipment, saw profit of 24 cents per share, matching the average estimate of analysts surveyed by Thomson Reuters.

Semtech forecast a fourth quarter profit of 15 cents to 20 cents per share, excluding charges. Analysts expected 23 cents per share. The company expects sales of $64 million to $72 million, also below expectations of $76 million.

“Despite the challenging macro conditions impacting the world wide economy, I believe Semtech is very well positioned to not only weather this current downturn but to emerge as one of the highest performing companies in our sector,” said Chief Executive Mohan Maheswaran in a statement.

Semtech stock was up 68 cents, or 8 percent, to $9.50 in morning trading on the Nasdaq.