(By Balaseshan) Lattice Semiconductor (NASDAQ: LSCC) said it has lowered revenue outlook for the fourth quarter citing weakness in the communications market.
The Hillsboro, Oregon-based programmable logic products developer updated its fourth quarter revenue forecast to reflect weakness in the communications market combined with continued weakness in the worldwide distribution channel. Guidance remains unchanged for gross margin and total operating expenses.
The company now expects fourth quarter revenue to decline about 6% to 8% on a sequential basis, while Street predicts a revenue growth of 1.10%. Previously, Lattice had expected revenue to be about plus or minus 2% on a sequential basis.
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Gross margin percentage is anticipated to be approximately 53% plus or minus 2%, unchanged from prior guidance.
Total operating expenses are predicted to be about $43 million, including approximately $5.5 million in restructuring charges. This is unchanged from prior guidance.
No conference call will be held in conjunction with this guidance update. The company will release additional information when it reports fourth quarter results.
Lattice Semiconductor designs, develops, manufactures, and markets programmable logic products and related software. The company participates in both the field programmable gate arrays (FPGA) and programmable logic devices (PLD) markets.
LSCC closed Wednesday's regular session down 1.86% at $4.23. The stock has been trading between $3.16 and $7.12 for the past 52 weeks.