Lattice Semiconductor Tumbles As Industrial Sales Weigh

Shares of Lattice Semiconductor (LSCC) slid Tuesday, a time aft nan institution reported second-quarter income beneath estimates.

Revenue slipped 35% year-over-year to $124.1 million, coming successful beneath nan $130.2 cardinal statement estimate of analysts compiled by Visible Alpha.

Net income plummeted 55% to $22.6 million, but analysts had expected profit to autumn moreover further, to $12.2 million.

Jefferies Analysts Lower Price Target

In a statement pursuing nan net report, Jefferies analysts lowered their value target for Lattice to $65 from $88, calling anterior expectations "too high," while noting that Lattice's maturation will return longer than antecedently believed.

Lattice's business and automotive assemblage suffered nan biggest income drop, falling by astir half to $58.2 cardinal from $115.5 cardinal past year, arsenic Jefferies analysts noted that nan manufacture astatine ample has slowed.

Lattice besides underwent an executive alteration successful nan quarter, pinch Chief Executive Officer (CEO) Jim Anderson departing for different electronics manufacturer, Coherent, successful early June.

Shares were 8% little astatine $50.55 arsenic of 1:30 p.m. ET Tuesday, their worst time since Anderson's departure led to a 15% driblet connected June 3.