From Nasdaq: 2024-05-01 12:28:00

Lattice Semiconductor Corporation (LSCC) reported first-quarter 2024 earnings of 29 cents per share, meeting expectations but down 43.1% from last year. Revenues of $140.8 million exceeded estimates, but still dropped 23.6% year over year. Weakness in communications and computing impacted results, but consumer end market performance was positive.

By end market, communication and computing revenues fell 17.6%, industrial and automotive declined 30.5%, while consumer rose by 12.4% year over year. Geographically, Asia, Americas, and Europe contributed 66%, 22%, and 12% respectively. Direct revenues accounted for 87% while distribution contributed 13% to total revenues.

In the first quarter, GAAP gross margin was 68.3%, down 150 basis points from the prior year. Non-GAAP operating expenses were $54.9 million, increasing 1.6% year over year. Non-GAAP operating margin contracted by 1100 basis points to 30% year over year.

Guidance for the second quarter of 2024 includes revenue expectations between $120 million and $140 million, with a non-GAAP gross margin of 69% (+/-1%). Operating expenses are projected to be $54-$56 million. Lattice Semiconductor currently has a Zacks Rank #3 (Hold).

Considering other technology stocks, Arista Networks (ANET), Alphabet (GOOGL), and Badger Meter (BMI) hold a Zacks Rank #1 (Strong Buy). Each has shown positive gains in the year-to-date period and offer long-term growth potential according to Zacks’ expert analysis.



Read more at Nasdaq: Lattice Semiconductor (LSCC) Q1 Earnings Meet, Revenues Dip Y/Y