Lattice Semiconductor (LSCC) late Monday edged above Wall Street’s targets for the third quarter but missed views with its sales guidance. LSCC stock fell hard in extended trading.
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The Hillsboro, Ore.-based company earned an adjusted 53 cents a share on sales of $192.2 million in the September quarter. Analysts polled by FactSet had expected Lattice earnings of 52 cents a share on sales of $192 million. In the year-earlier period, Lattice earned 48 cents a share on sales of $172.5 million.
For the current quarter, Lattice Semiconductor forecast revenue of $166 million to $186 million. The midpoint of $176 million was below the analyst goal of $195.7 million for the fourth quarter. In the year-earlier period, Lattice generated sales of $176 million.
In after-hours trading on the stock market today, LSCC stock tumbled 13.8% to 58. During the regular session Monday, LSCC stock fell 4.1% to close at 67.29 amid a down day for chip stocks.
Earnings report details to follow.
LSCC Stock Is On Tech Leaders List
Lattice Semiconductor makes low-power programmable chips for the communications, computing, industrial, automotive and consumer markets.
Lattice ranks fifth out of 37 stocks in IBD’s fabless semiconductor industry group, according to IBD Stock Checkup. LSCC stock has an IBD Composite Rating of 86 out of 99.
Further, LSCC stock is on the IBD Tech Leaders list.
Chip Stocks Moving On Earnings
Other semiconductor stocks reporting third-quarter results after the closing bell Monday included Monolithic Power Systems (MPWR), Rambus (RMBS) and Wolfspeed (WOLF).
Like LSCC stock, Rambus stock is on the IBD Tech Leaders list.
Onsemi Guidance Disappoints
Earlier Monday, ON Semiconductor (ON) beat its third-quarter targets but guided below consensus views for the fourth quarter.
The Scottsdale, Ariz.-based company, also known as Onsemi, earned an adjusted $1.39 a share on sales of $2.18 billion. Analysts had been expecting earnings of $1.34 a share on sales of $2.15 billion. However, on a year-over-year basis, Onsemi earnings dropped 4% while sales dipped a fraction.
For the current quarter, Onsemi predicted earnings of $1.20 a share on sales of $2 billion, based on the midpoint of its guidance. But analysts had been looking for earnings of $1.36 a share on sales of $2.18 billion.
Onsemi stock plummeted 21.8% Monday to close at 65.34.
Last week, industry peers STMicroelectronics (STM) and Texas Instruments (TXN) also disappointed with their fourth-quarter guidance.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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