LSCC - Why Lattice Semiconductor Shares Crashed Hard Today
2023-10-31 15:37:41 ET
Shares of Lattice Semiconductor (NASDAQ: LSCC) fell as much as 20.1% on Tuesday morning. The maker of field programmable gate arrays (FPGA) reported robust earnings, but modest guidance for the next quarter left investors disappointed. The stock recovered somewhat over time but was still down by 16.6% as of 2:10 p.m. ET.
Your average analyst had expected earnings of roughly $0.52 per share on sales in the neighborhood of $192.1 million. Lattice edged out these expectations across the board. Earnings rose 10% year over year to $0.53 per share while revenue increased 11% to $192.2 million.
So far, so good. But the story changed when investors considered management's fourth-quarter guidance. Top-line sales for that period were pointed toward approximately $176 million, which would be up from $142 million in the year-ago report but well below the analyst consensus at $196 million.
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Why Lattice Semiconductor Shares Crashed Hard Today