Lattice Semiconductor edged above Wall Street's targets for the third quarter but missed views with its sales guidance, according to the company's late-Monday earnings report. LSCC stock fell hard in extended trading.
The Hillsboro, Ore.-based company earned an adjusted 53 cents a share on sales of $192.2 million in the September quarter. Analysts polled by FactSet had expected Lattice earnings of 52 cents a share on sales of $192 million. On a year-over-year basis, Lattice earnings rose 10% while sales climbed 11%.
However, Lattice now has posted five straight quarters of decelerating sales and earnings growth.
For the current quarter, Lattice Semiconductor forecast revenue of $166 million to $186 million. The midpoint of $176 million was below the analyst goal of $195.7 million for the fourth quarter. In the year-earlier period, Lattice generated sales of $176 million.
LSCC Stock Tanks After Report
In after-hours trading on the stock market today, LSCC stock tumbled 14.8% to 57.33. During the regular session Monday, LSCC stock fell 4.1% to close at 67.29 amid a down day for chip stocks.
Lattice is the latest in a parade of chipmakers to guide lower for the current quarter amid weakening demand. Others include ON Semiconductor, STMicroelectronics and Texas Instruments.
Lattice Semiconductor makes low-power programmable chips for the communications, computing, industrial, automotive and consumer markets.
Lattice ranks fifth out of 37 stocks in IBD's fabless semiconductor industry group, according to IBD Stock Checkup. LSCC stock has an IBD Composite Rating of 86 out of 99.
Further, LSCC stock is on the IBD Tech Leaders list.
Chip Stocks Moving On Earnings
Other semiconductor stocks reporting third-quarter results after the closing bell Monday included Monolithic Power Systems, Rambus and Wolfspeed.
Monolithic narrowly beat its Q3 targets and provided in-line sales guidance for Q4. MPWR stock climbed 7.6% in late trades.
Wolfspeed edged above its Q3 revenue goal and gave in-sales guidance. But it posted a lower-than-expected loss and guided to a lower loss for the fourth quarter. WOLF stock jumped 9.7% in after-hours trading.
Meanwhile, Rambus shares rose 3% after its third-quarter report. Like LSCC stock, Rambus stock is on the IBD Tech Leaders list.
Onsemi Guidance Disappoints
Earlier Monday, ON Semiconductor beat its third-quarter targets but guided below consensus views for the fourth quarter.
The Scottsdale, Ariz.-based company, also known as Onsemi, earned an adjusted $1.39 a share on sales of $2.18 billion in the third quarter. Analysts had been expecting earnings of $1.34 a share on sales of $2.15 billion. However, on a year-over-year basis, Onsemi earnings dropped 4% while sales dipped a fraction.
For the current quarter, Onsemi predicted earnings of $1.20 a share on sales of $2 billion, based on the midpoint of its guidance. But analysts had been looking for earnings of $1.36 a share on sales of $2.18 billion.
Onsemi stock plummeted 21.8% Monday to close at 65.34.
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