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Lattice Semiconductor (LSCC) shares fell in early trading on Tuesday after the company missed profit expectations and announced layoffs to cut costs.
The industrial and automotive chip maker reported third-quarter earnings per share (EPS) of 5 cents, down from 39 cents a year earlier, and beat analyst estimates compiled by Visible Alpha. It went below. Sales decreased 33.9% to $127.1 million, roughly in line with expectations.
Lattice to cut 14% of its workforce
Lattice said its results were impacted by a one-time charge of $6.5 million related to moves aimed at reducing spending. The company said these actions will result in a 14% reduction in its workforce, or approximately 160 positions, and a 14% reduction in non-personnel operating expenses.
Lattice said it expects operating cost reductions to “help drive annual revenue growth in the low double digits in 2025.”
Chief Executive Officer Ford Tamer said he did not expect additional cuts would be necessary, but warned that Lattice could face “continued industry headwinds in the short term.”
Lattice stock fell 3% to $50.40 in early trading Tuesday, losing more than a quarter of its value since the beginning of the year.
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