Semtech Corp., a Camarillo semiconductor company specializing in Internet of Things applications, saw its income and revenue rise in the first quarter of fiscal year 2021-22, thanks in large part to growth in its wireless and sensing products market.

Semtech saw revenue rise 28% year-over-year to $170.4 million, the company said when it released its earnings on June 2. Net income grew 128% compared to the first quarter a year ago, as Semtech generated $23.4 million in revenue in the most recent quarter, or 36 cents per share, compared to $9.6 million, or 15 cents per share, in the same quarter a year earlier.

The numbers beat most analysts’ estimates, and Semtech shares rose 5.1% the day after the afternoon earnings release, to close at $65.11 on June 3.

Revenue growth was primarily driven by a company record 78% growth year-over-year in Semtech’s wireless and sensing products group. The group also accounted for 34% of the total revenue generated in the quarter.

This includes Semtech’s LoRa platform, which connects sensors to the cloud and enables real-time communication of data and analytics. The company also had record bookings for its LoRa platforms, Tri-Edge and broad-based Industrial Protection devices.

“Our LoRa-enabled platforms delivered another quarterly record, as the LoRa momentum starts to accelerate globally across multiple use cases,” CEO Mohan Maheswaran said during the company’s June 2 earnings call.

Semtech has also been investing more into its LoRa platform in the first quarter of the fiscal year. This includes launching a “LoRa WAN networks” to bring new, lower-cost satellite-based connectivity services to the logistics, asset tracking, utility and agriculture segments.

“With this strong momentum and along with the continued influence of the LoRa Alliance, we expect to continue to drive LoRa to become the de facto standard for the global LP-WAN market, in what we expect to be a multibillion unit industry in the next five years,” Maheswaran said.

Maheswaran said he expects revenue growth in the Wireless and Sensing Products Group and another record quarter in the second quarter of 2021-22.

Semtech finished the first quarter on May 2 with cash and cash equivalents worth $258 million and also announced it had repurchased 360,942 shares for $25 million.