Lattice Semiconductor Corp (NASDAQ: LSCC) reported Q2 EPS of $0.10, $0.01 better than the analyst estimate of $0.09. Revenue for the quarter came in at $99.3 million versus the consensus estimate of $98.6 million.

Darin G. Billerbeck, President and Chief Executive Officer, said, "This was another solid quarter for us as we executed to our plan. Strength in communications and growth in the industrial markets more than offset sequential softness in the consumer market. We continue to accelerate our new products to market, reaffirming our leadership in providing the lowest power, smallest footprint and affordably innovative programmable solutions."

Joe Bedewi, Corporate Vice President and Chief Financial Officer, added, "Revenue and gross margin continue to be highlights, underscoring the strength of our business strategy. We achieved gross margins of 55.4% on a diversified revenue base, completely in sync with our stated strategy. The sequential increase in operating expenses was primarily due to an increase in variable compensation and severance costs. Our cash and investments increased approximately $22 million to end the second fiscal quarter with approximately $247 million in cash, cash equivalents and short-term marketable securities."

Business Outlook - Third Quarter 2014:

• Revenue is expected to be 8% to 12% lower on a sequential basis.
• Gross margin percentage is expected to be higher at approximately 56% plus or minus 2%.
• Total operating expenses are expected to be lower by approximately one million dollars on a sequential basis.

For earnings history and earnings-related data on Lattice Semiconductor Corp (LSCC) click here.