Shares of Lattice Semiconductor Corporation (NASDAQ: LSCC) soared by 6.17% on Tuesday, despite the company reporting weaker-than-expected financial results for the third quarter of 2024.
The semiconductor company's Q3 revenue declined by 34% year-over-year to $127.1 million, missing analyst estimates. Lattice Semiconductor's net income plunged 87% to $7.19 million, and its earnings per share (EPS) of $0.052 missed expectations by a significant 68%.
However, investors appeared to be encouraged by the company's forward-looking statements. Lattice Semiconductor forecasted an average revenue growth rate of 6.7% per annum over the next three years, outpacing the 18% growth forecast for the broader U.S. semiconductor industry. This positive outlook, coupled with the company's strong balance sheet position, may have fueled the stock's surge despite the disappointing quarterly results.
Comments