Exhbit 99.1

                     Semtech Updates Third Quarter Outlook

    CAMARILLO, Calif.--(BUSINESS WIRE)--Oct. 25, 2004--Semtech
Corporation (NASDAQ:SMTC), a leading producer of high performance
analog and mixed-signal semiconductors, today announced that it has
revised its revenue and earnings per share outlook for its third
quarter of fiscal year 2005 that ends on October 31, 2004.
    Semtech now expects that net sales for the third quarter will be
approximately $65 million, a sequential decline of 5 percent compared
to the previous quarter. Earnings per diluted share for the third
quarter are expected to be 19 cents. The revised outlook is the result
of customer requested push-outs and general weakness in the
end-markets. Customers have been placing new orders with very short
lead times, reducing the Company's visibility.
    Semtech plans to announce results for the third quarter of fiscal
year 2005 on November 29, 2004, after the close of market.

    About Semtech

    Semtech Corporation is a leading supplier of analog and
mixed-signal semiconductors used in a wide range of computer,
industrial and communication applications. Semtech has been publicly
traded since 1967 and is listed on the Nasdaq National Market under
the symbol SMTC.

    Safe Harbor Provision

    Statements contained in this release that are not historical facts
are forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking statements,
including projections and forecasts for revenue and gross margin,
involve risks and uncertainties that could cause actual results to
differ materially from those projected. These risks and uncertainties
include worldwide economic and political conditions, the timing and
duration of semiconductor market upturns or downturns, demand for
cellular phones, personal computers and automated test equipment,
demand for semiconductor devices in general, demand for the Company's
products in particular, competitors' actions, supply from key
third-party silicon wafer foundries and assembly contractors,
manufacturing costs and yields, relations with strategic customers,
and risks associated with the businesses of major customers. Other
factors that may cause actual results to differ from the
forward-looking statements contained in this press release and that
may affect the Company's prospects in general are described in the
Company's filings with the Securities and Exchange Commission. The
Company undertakes no obligation to update or revise forward-looking
statements to reflect subsequent events or changed assumptions or
circumstances.



    CONTACT: Semtech Corporation
             John Baumann, 805-480-2010 (Investor Relations)