Lattice Semiconductor Corp. LSCC reported its third-quarter results after Monday’s closing bell. Here’s a look at the details from the report.  

The Details: Lattice Semiconductor reported quarterly earnings of 24 cents per share, which met the analyst consensus estimate. Quarterly revenue came in at $127.091 million, which missed the analyst consensus estimate of $127.092 million and is a decrease from revenue of $192.169 million from the same period last year.

The third-quarter results include a one-time GAAP-only charge of $6.5 million related to actions the company took to drive a comprehensive reduction in spending during the quarter. The actions are expected to result in a 14% workforce reduction and 14% reduction in non-headcount operating expenses. Lattice said it expects the operating expense reduction to help drive annual earnings expansion in the low double-digit range in 2025.

Read Next: Trump Media Stock Volatile On Election Eve As Polls, Betting Markets Predict Tight White House Race

“Through my meetings with employees, customers, and partners, since joining Lattice, I’m even more convinced that we are in an excellent position to expand market share over the long term. Third quarter 2024 results were in line with the Company’s prior expectations, which reflects the disciplined execution of our strategy and a continued focus on operational efficiency,” said Ford Tamer, CEO of Lattice Semiconductor.

“After careful consideration, we proactively took action in the third quarter to better align our resources to the current business level, while maintaining the stability and integrity of our leadership product roadmap, customer support and demand creation infrastructure. Importantly, we do not expect any additional reductions will be needed. While we expect continued near-term industry headwinds, I am excited about the opportunity to build on Lattice’s strong foundation,” Tamer added.

Outlook: Lattice Semiconductor sees fourth-quarter revenue in a range of $112 million to $122 million, versus the $132.03 million estimate.

LSCC Price Action: According to Benzinga Pro, Lattice Semiconductor shares are down 8.94% after-hours at $47.25 at the time of publication Monday.

Read Also: 

Photo: Courtesy of Lattice Semiconductor Corp.