Repeat & Correct: Lattice Semiconductor Shares Fall 14% After Earnings Miss Estimates

Dow Jones11-05

(The article "Lattice Semiconductor Shares Fall 14% After Earnings Miss Estimates" on Nov. 4 at 5:38 p.m. ET contained the wrong revenue and earnings amounts. The corrected version follows.)

By Kailyn Rhone

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

The stock fell 14% to $44.70 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 semiconductor manufacturing company on Monday reported a net profit of $7.2 million, 5 cents a share, compared with $22.6 million, or 16 cents a share, for the same period a year earlier. That was below the 13 cents analysts expected, according to FactSet.

Revenue rose 2% to $127.1 million, in line with the $127.1 million expected by analysts, according to FactSet. The company most recently guided for quarterly revenue of $117 million to $137 million.

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.

Write to Kailyn Rhone at kailyn.rhone@wsj.com

(END) Dow Jones Newswires

November 05, 2024 10:45 ET (15:45 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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The corrected version follows.) \n</p>\n<pre>\n \n</pre>\n<p>\n  By Kailyn Rhone \n</p>\n<pre>\n \n</pre>\n<p>\n  Shares of Lattice Semiconductor fell post-market after the company reported earnings that missed analysts' expectations and disclosed plans to cut its workforce. \n</p>\n<p>\n  The stock fell 14% to $44.70 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%. \n</p>\n<p>\n  The semiconductor manufacturing company on Monday reported a net profit of $7.2 million, 5 cents a share, compared with $22.6 million, or 16 cents a share, for the same period a year earlier. That was below the 13 cents analysts expected, according to FactSet. \n</p>\n<p>\n  Revenue rose 2% to $127.1 million, in line with the $127.1 million expected by analysts, according to FactSet. 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