SAN JOSE – Lattice (OTC:) Semiconductor Company (NASDAQ:LSCC) reported third-quarter earnings that met analyst expectations, however shares tumbled 5.5% in after-hours buying and selling attributable to disappointing fourth-quarter steering.
The low energy programmable chief introduced Q3 adjusted earnings per share of $0.24, in keeping with analyst estimates. Income for the quarter got here in at $127.1 million, barely above the consensus estimate of $127.06 million and down 20.6% YoY.
Nonetheless, Lattice’s outlook for the fourth quarter fell in need of expectations. The corporate forecasts This autumn income between $112 million and $122 million, beneath the analyst consensus of $132.1 million. Adjusted EPS is anticipated to be between $0.15 and $0.23, in comparison with the $0.25 analysts have been anticipating.
CEO Ford (NYSE:) Tamer commented on the outcomes, stating, “Third quarter 2024 outcomes have been inline with the Firm’s prior expectations, which displays the disciplined execution of our technique and a continued deal with operational effectivity.”
The corporate additionally introduced a one-time GAAP-only cost of $6.5 million associated to cost-cutting measures, together with a 14% workforce discount and a 14% discount in non-headcount working bills. These actions are anticipated to drive annual earnings enlargement within the low double-digit vary in 2025.
Lattice maintained a strong gross margin of 69.0% on each a GAAP and non-GAAP foundation in Q3. The corporate’s free money movement margin greater than doubled sequentially to 31%.
Regardless of the near-term headwinds, Tamer expressed optimism about Lattice’s long-term prospects, saying, “Whereas we count on continued near-term business headwinds, I’m excited in regards to the alternative to construct on Lattice’s sturdy basis.”
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