Q3 2024 Lattice Semiconductor Corp Earnings Call Transcript
Key Points
- Lattice Semiconductor Corp (LSCC) reported Q3 2024 revenue of $127.1 million, in line with guidance, demonstrating stability in their business model.
- The company achieved a gross margin of 69%, reflecting strong financial discipline and stability despite market softness.
- Lattice's new product revenue continues to grow year over year, with design wins exceeding those in the same period last year.
- The company has a strong leadership position in strategic core markets such as communications, computing, industrial, and automotive.
- Lattice is well-positioned for growth in the edge AI market, with strong traction in AI servers, laptops, and industrial applications.
- Industrial and automotive revenue was down 7% sequentially due to broader market demand and continued inventory normalization.
- The company implemented a 14% headcount reduction to align resources with current business levels, indicating cost-cutting measures.
- Lattice expects a U-shaped recovery rather than a V-shaped one, with low single-digit revenue growth anticipated in 2025.
- Revenue guidance for Q4 2024 is lower, expected to be between $112 million and $122 million, indicating ongoing market challenges.
- The company faces industry-wide headwinds, with continued softness in its largest end market, industrial and automotive.
Greetings, and welcome to the Lattice Semiconductor Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Rick Muscha, Senior Director of IR. Thank you. You may begin.
Thank you, operator, and good afternoon, everyone. With me today are Ford Tamer, Lattice's CEO, and Tonya Stevens, Lattice's interim CFO. We'll provide a financial and business review of the third quarter of 2024 and the business outlook for the fourth quarter of 2024. If you have not yet 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
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