Shares of Lattice Semiconductor Corp. (LSCC) experienced a significant drop of over 13% during the extended session on Monday. The plunge followed the company’s earnings report for the third quarter, where they surpassed Wall Street expectations, yet delivered a lower current-quarter sales forecast.
Impressive Q3 Performance
Lattice Semiconductor Corp. achieved remarkable results during the third quarter, earning $54 million, or 38 cents per share. This marked an improvement from the year-ago period, where they reported $46 million, or 33 cents per share. After adjusting for one-time items, the company reported earnings of 53 cents per share. Furthermore, sales saw a healthy increase of 11%, reaching $192 million. These figures surpass the expectations of analysts polled by FactSet, who had projected adjusted earnings of 52 cents per share on sales of $192 million.
Expanding Product Lineup
Chief Executive Jim Anderson expressed his enthusiasm for Lattice’s current position in the market. He stated, “Today, Lattice has the strongest product portfolio in our 40-year history, and we continue to rapidly expand our product lineup.” With this optimistic outlook and commitment to innovation, the company is primed for continued growth.
Lower Sales Forecast
Despite the strong performance in Q3, Lattice Semiconductor Corp. has adjusted its sales forecast for the current quarter. The company now expects fourth-quarter revenue to be between $166 million and $186 million. However, analysts surveyed by FactSet had initially anticipated revenue to reach $196 million.
In conclusion, while Lattice Semiconductor Corp. has exhibited solid financial performance in the third quarter, the revised sales forecast for the current quarter has led to a decline in share price. Nonetheless, the company remains determined to expand its product offerings and maintain a strong market position as it moves forward.