It's safe to say Lattice Semiconductor (LSCC -10.03%) investors did not have a Tuesday they would like to remember. Their stock fell by more than 10% in price that trading session, the cause being an uninspiring quarterly earnings report. That decline was significantly steeper than the 0.8% slide of the bellwether S&P 500 (^GSPC -0.77%).

Expected declines

Lattice's first quarter revenue was just under $120.2 million, which represented a concerning year-over-year drop of almost 15%. On the bottom line, the fall was more pronounced, with non-GAAP (generally accepted accounting principles) adjusted net income sliding nearly 24% to $30.7 million, or $0.22 per share.

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Despite the declines, both headline metrics broadly met analyst expectations. The consensus pundit expectation for revenue was $120.1 million, while that for adjusted profitability was the achieved $0.22 per share.

In the earnings release, Lattice sounded a hopeful and optimistic tone for its future. It quoted CFO Lorenzo Flores as saying: "The prior realignment of our resources, coupled with our resilient supply chain and global customer base, position us well. We're maintaining disciplined control over operating expenses while continuing to focus on execution."

Guidance was in line too

Lattice proffered fairly comprehensive guidance for its current (second quarter). The company said it expects to book $118.5 million to $128.5 million in revenue, and adjusted net income ranging from $0.22 to $0.26 per share. The consensus analyst estimates fit within these ranges, with projections of $123.6 million on the top line and $0.24 for adjusted, per-share profitability.

In the earnings release, Lattice didn't directly address how it might get its growth train restarted, which was likely a factor in the negative investor reaction. If the company can't hit this goal, we can expect many market players to continue shunning the stock.