Lattice Semiconductor Shares Sink 15% After Earnings Miss Estimates

Dow Jones11-05

Shares of Lattice Semiconductor fell post-market after the company reported results that missed analysts' expectations and disclosed plans to cut its workforce.

The stock fell 14.9% to $44.15 in after-hours trading on Monday, and ended the regular session down less than 1% at $51.89. For the year shares are down 25%.

The Hillsboro, Ore.-based company reported a decline in third-quarter revenue to $2.65 billion from $2.72 billion a year ago. That was below the $2.7 billion expected by analysts, according to FactSet.

The company reported a third-quarter profit of $1.06 a share, compared with $8.69 a share for the same period a year earlier. That missed analyst expectation for earnings per share of $2.75, according to FactSet.

Results for the third quarter results included a one-time charge of $6.5 million due to cost-cutting measures, which includes plans for a 14% reduction in both its workforce and operating expenses, the company said. It anticipates the cuts will help push annual earnings into the low-double-digits range next year.

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nywles
11-05
nywles
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For the year shares are down 25%.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bfa11d957954ca8378eb87d5dc736afb\" tg-width=\"539\" tg-height=\"160\"/></p><p>The Hillsboro, Ore.-based company reported a decline in third-quarter revenue to $2.65 billion from $2.72 billion a year ago. That was below the $2.7 billion expected by analysts, according to FactSet.</p><p>The company reported a third-quarter profit of $1.06 a share, compared with $8.69 a share for the same period a year earlier. That missed analyst expectation for earnings per share of $2.75, according to FactSet.</p><p>Results for the third quarter results included a one-time charge of $6.5 million due to cost-cutting measures, which includes plans for a 14% reduction in both its workforce and operating expenses, the company said. 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For the year shares are down 25%.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/bfa11d957954ca8378eb87d5dc736afb\" tg-width=\"539\" tg-height=\"160\"/></p><p>The Hillsboro, Ore.-based company reported a decline in third-quarter revenue to $2.65 billion from $2.72 billion a year ago. That was below the $2.7 billion expected by analysts, according to FactSet.</p><p>The company reported a third-quarter profit of $1.06 a share, compared with $8.69 a share for the same period a year earlier. That missed analyst expectation for earnings per share of $2.75, according to FactSet.</p><p>Results for the third quarter results included a one-time charge of $6.5 million due to cost-cutting measures, which includes plans for a 14% reduction in both its workforce and operating expenses, the company said. It anticipates the cuts will help push annual earnings into the low-double-digits range next year.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2481566295","content_text":"Shares of Lattice Semiconductor fell post-market after the company reported results that missed analysts' expectations and disclosed plans to cut its workforce.The stock fell 14.9% to $44.15 in after-hours trading on Monday, and ended the regular session down less than 1% at $51.89. For the year shares are down 25%.The Hillsboro, Ore.-based company reported a decline in third-quarter revenue to $2.65 billion from $2.72 billion a year ago. 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