SAN FRANCISCO—Programmable logic supplier Lattice Semiconductor Corp. Thursday (Oct. 21) reported sales for the third quarter that fell short of consensus analysts' expectations, saying the last month of the quarter was slower than expected due to customer inventory management.
Lattice (Hillsboro, Ore.) reported revenue of $77.1 million, flat with the prior quarter and up 57 percent from the third quarter of 2009. The company posted a net income for the quarter of $15.4 million, or 13 cents per share, down 8 percent from the prior quarter and compared to a net loss of $4.1 million in the year ago quarter.
Lattice said FPGA revenue for the third quarter increased to $24.7 million in the third quarter compared to $24.6 million in the second quarter, while programmable logic device revenge slipped to $52.4 million from $52.5 million in the prior quarter.
Consensus analyst expectations called for Lattice to report sales of $79.5 million and a net income of 14 cents per share, according to Yahoo Finance.
"While the third quarter was in line with guidance, the last month of the quarter was slower than our expectations with some signs of customers managing their inventory at quarter-end," said Christopher Fanning, Lattice's interim CEO, in a statement. Fanning said revenue was impacted by lower sequential sales in Lattice's mature product category, but that new product revenue increased 10 percent sequentially.
Last week, Lattice named former Intel Corp. and Advanced Micro Devices Inc. executive Darin Billerbeck as the company's new president and chief executive, effective Nov. 8.
Lattice said it expects revenue for the fourth quarter to decrease between 2 and 7 percent sequentially. The company said it expects to report a profit for the fourth quarter.