Lattice Semiconductor (LSCC) stock slides on significant guidance miss

Lattice Semiconductor (NASDAQ: LSCC) saw its shares slump over 8% in after-hours trading Monday after the company’s FQ4 revenue and Q1 guidance both missed analysts’ expectations.

The chipmaker posted Q4 earnings per share (EPS) of $0.71, beating the consensus estimates of $0.45. However, its quarterly revenue of $170.6 million fell short of the anticipated $176.16 million.

Non-GAAP gross margin was reported at 70.4% for the quarter.

Furthermore, Lattice's Board of Directors has approved a stock repurchase program, allowing the company to buy back up to $250 million of its common stock by the end of December 2024.

Looking ahead, Lattice Semiconductor anticipates its revenue for the first quarter of 2024 to be between $130 million and $150 million, which is significantly below the consensus projection of $174.4 million.

The expected gross margin for Q1 2024 is forecasted to be around 69%, give or take 1%, on a non-GAAP basis.

“We generated a record level of cash flow from operations in 2023, representing a 13% increase compared to the prior year, and exited the year with zero outstanding debt,” Sherri Luther, CFO of Lattice Semiconductor.

“In addition, in the fourth quarter, we repurchased approximately 900,000 shares, representing our thirteenth consecutive quarter of share repurchases."

By Vahid Karaahmetovic

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