Lattice Reports Lower Earnings, Revenue

Lattice Semiconductor Corp. said its earnings and revenue for the first quarter and full year would fall well short of Wall Street expectations due to a general drop in demand for programmable logic devices from the communications and computing markets. Lattice said it expects first-quarter revenue of about $120.6 million, rather than the $140.8 million analysts expected, and earnings of 26 cents a share, 4 cents lower than forecasts. For the full year, Lattice expects earnings in the range of $1 to $1.05 a share, contrasted with the Wall Street consensus estimate of $1.27, according to First Call. Lattice’s statement is the latest in a slew of warnings in the technology sector. The company said, however, that it remains optimistic about the longer term prospects of the programmable logic market. Lattice shares closed up 63 cents at $20.19 on Nasdaq.