Lattice Semiconductor Reports Q3 Earnings: Revenue Miss and Strategic Workforce Reduction

Lattice Semiconductor Corp. (LSCC) announced its third-quarter financial results, revealing earnings per share (EPS) of $0.24, aligning with analyst expectations. However, the company's revenue fell short, reporting $127.091 million against the anticipated $127.092 million and showing a significant decrease from $192.169 million in the same quarter the previous year.

The results included a one-time GAAP-only charge of $6.5 million due to strategic spending reductions. These measures are aimed at achieving a 14% reduction in workforce and non-headcount operating expenses. The company anticipates these cost-cutting actions will contribute to annual earnings growth in the low double-digit range by 2025.

CEO Ford Tamer expressed confidence in Lattice's long-term market expansion capabilities, citing the company's strategic execution and operational efficiency. Despite current industry challenges, Tamer emphasized the importance of aligning resources with business needs while maintaining product and customer support integrity.

For the fourth quarter, Lattice Semiconductor projects revenue between $112 million and $122 million, compared to the $132.03 million estimate. Following the earnings announcement, Lattice Semiconductor shares dropped 8.94% in after-hours trading, priced at $47.25.