Q2 2024 Lattice Semiconductor Corp Earnings Call Transcript
Key Points
- Lattice Semiconductor Corp (LSCC) maintained a stable gross margin of 69% despite a challenging market environment.
- The company continues to see strong customer momentum with record design activity in the last two quarters.
- New product launches, such as the seventh Nexus device and Avant-E, are on track and expected to drive future revenue growth.
- LSCC has been successful in expanding its product portfolio, particularly in the small and midrange FPGA segments.
- The company is seeing positive signs of improvement in bookings and backlog, indicating potential recovery in the near term.
- Revenue declined 12% sequentially and 35% year over year due to inventory normalization and cyclic corrections.
- Demand remained soft across industrial and automotive markets, with revenue down 23% sequentially.
- The company continues to under-ship to end customer demand, which may impact short-term revenue.
- 5G wireless communication revenue was weak, contributing to flat sequential revenue in the communications and computing segment.
- Operating margin decreased to 25.4% from 30% in the prior quarter, reflecting the impact of lower revenue.
Greetings. Welcome to the Lattice Semiconductor second-quarter 2024 earnings call. (Operator Instructions) Please note this conference is being recorded.
I will now turn the conference over to your host, Rick Muscha. You may begin.
Thank you, operator, and good afternoon, everyone. With me today are Esam Elashmawi, Lattice's Interim CEO; and Sherri Luther, Lattice's CFO. We'll provide a financial and business review of the second quarter of 2024 and the business outlook for the third quarter of 2024. If you have not obtained a copy of our earnings press release, it can be found at our company website in the investor relations section at latticesemi.com.
I would like to remind everyone that during our conference call today, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are predictions based on information as currently available and that actual results
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