Lattice Semiconductor Reports Second Quarter 2024 Results

About this update from Lattice Semiconductor Corporation

[{"type":"text","content":" HILLSBORO, Ore.--(BUSINESS WIRE)--\nLattice Semiconductor Corporation (Nasdaq: LSCC), the low power programmable leader, announced financial results today for the fiscal second quarter ended June 29, 2024.\n\n\nRevenue for the second quarter of 2024 was $124.1 million, with GAAP gross margin of 68.3% and GAAP net income of $0.16 per diluted share. On a non-GAAP basis, gross margin was 69.0% with net income per diluted share of $0.23.\n\n\nEsam Elashmawi, Interim Chief Executive Officer & Chief Strategy and Marketing Officer, said, \"Second quarter 2024 results reflect the impact of cyclic industry headwinds. While the industry continues to go through a period of inventory normalization, we are starting to see signs of improvement. We continue to execute on our ongoing product portfolio expansion and remain well positioned for long-term growth.\"\n\n\nSherri Luther, Chief Financial Officer, said, \"Our gross margin remained stable, highlighting the durability of our business model. We maintained disciplined spending, prioritized cash flow, and continued to return capital to shareholders by executing share repurchases for the fifteenth consecutive quarter.\"\n\n\n\n\nSelected Second Quarter 2024 Financial Results and Comparisons (in thousands, except per share data)\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nGAAP Financial Results (unaudited)\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ1 2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ2 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nQ/Q\n\n\n\n\n\n\n \n\n\n\n\n\n\nY/Y\n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n124,076\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n140,815\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n190,079\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n(11.9\n\n\n\n\n\n\n)%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n(34.7\n\n\n\n\n\n\n)%\n\n\n\n\n\n\n\n\nGross Margin %\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n68.3\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n68.3\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n69.7\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n—\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n(140) bps\n\n\n\n\n\n\n\n\nR&D Expense %\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n31.2\n\n\n\n\n\n\n%\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n...

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