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.