Lattice Semiconductor Corp (NASDAQ:LSCC) stock fell on Tuesday.
The company reported its first-quarter results after Monday’s closing bell, clocking a quarterly earnings of 22 cents per share, which aligns with the analyst consensus estimate.
Quarterly revenue was $120.15 million (down from $140.81 million Y/Y), which beat the analyst consensus estimate of $120.13 million.
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Lattice Semiconductor expects second-quarter adjusted earnings of between 22 cents and 26 cents per share, versus the 24 cents estimate, and revenue of $118.5 million-$128.5 million, versus the $123.61 million analyst estimate.
Wall Street analysts rerated the stock after the quarterly report.
Rosenblatt analyst Kevin Garrigan maintained a Buy rating on Lattice Semiconductor with a price forecast of $72.
Growth across Industrial & Automotive and Consumer end-markets drove the sequential revenue increase, while Communications & Computing declined slightly. Additionally, design win momentum remained at record levels. The adjusted gross margin was 69% (+700bps Q/Q, flat Y/Y), which aligns with Garrigan’s 69.0% estimate and slightly below the consensus 70.1% estimate.
Management reiterated its U-shaped recovery and expects low single-digit Y/Y revenue growth in 2025.
The company continues to ship below true demand in the near term and is encouraged by continued booking improvement. Channel inventory also continues to decrease.
Management commented that they do not see any material impact from tariffs but are more cautious about the effect in the second half of 2025.
Additionally, ~80% of Lattice’s revenue comes from outside the US, and Lattice has a diversified global supply chain, helping mitigate any direct impacts from tariffs.
Management expects continued recoveries in Industrial & Automotive markets and growth in Communications & Computing.
Garrigan continues to recommend Lattice Semiconductor shares for its robust design win pipeline, new product momentum, and share gains in the small/mid-FPGA market.
Garrigan projected second-quarter revenue of $123.5 million and EPS of $0.24.
Price Action: LSCC stock closed lower by 12.7% at $45.82 on Tuesday.
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