Lattice Semiconductor Reports Q1 Results, Guides Q2 Revenue Below Estimates

Lattice Semiconductor Corporation LSCC reported its first-quarter financial results after the bell Monday. Here's a look at the details.

The Details:

Lattice Semiconductor reported quarterly earnings of 29 cents per share which beat the analyst consensus estimate of 28 cents and is a 43.14% decrease from earnings of 51 cents per share from the same period last year.

Quarterly sales clocked in at $140.815 million, beating the analyst consensus estimate of $140.138 million by 0.48% and representing a 23.6% decrease from sales of $184.31 million from the same period last year.

“First quarter 2024 results came in as expected and reflect the near-term impact of cyclic industry headwinds. Despite near-term headwinds, the Company is well-positioned for the long-term as we execute on the largest product portfolio expansion in our history,” said Jim Anderson, CEO of Lattice.

“We remain disciplined in our spending, while continuing to invest for long-term growth. In addition, we continued to return capital to shareholders by executing on our fourteenth consecutive quarter of share repurchases,” said Sherri Luther, CFO of Lattice.

Outlook: 

Lattice sees second-quarter revenue of between $120 million and $140 million, versus the $140.46 million analyst estimate.

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LSCC Price Action: According to Benzinga Pro, Lattice Semiconductor shares are down 5.67% after-hours at $72.50 at the time of publication Monday.

Image: Courtesy of Lattice Semiconductor Corporation