Lattice Semiconductor Corporation LSCC reported worse-than-expected second-quarter financial results and issued weak third-quarter revenue guidance on Monday.

Lattice Semiconductor reported quarterly earnings of 23 cents per share, which missed the analyst consensus estimate of 24 cents per share. Quarterly sales came in at $124.076 million, which missed the analyst consensus estimate of $130.172 million, according to data from Benzinga Pro.

“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,” said Esam Elashmawi, interim CEO of Lattice.

Lattice said it expects revenue for the third quarter of 2024 to be between $117 million and $137 million and gross margin to be 69%, plus or minus 1%.

Lattice Semiconductor shares fell 8.1% to trade at $50.50 on Tuesday.

These analysts made changes to their price targets on Lattice Semiconductor following the announcement.

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