Core Insights - Lattice Semiconductor's stock declined following a disappointing second-quarter earnings report, with revenue and profit falling below analyst expectations [1][4] - The company experienced a significant drop in sales within its automotive and industrial segments, which fell nearly 50% year-over-year [3][4] - A CEO change occurred during the quarter, with Jim Anderson leaving for a competitor, contributing to market volatility [1][6] Financial Performance - Revenue decreased by 35% year-over-year to $124.1 million, missing the consensus estimate of $130.2 million [4] - Net income plummeted 55% to $22.6 million, although analysts had anticipated an even steeper decline to $12.2 million [2] Market Reaction - Following the earnings report, Jefferies analysts revised their price target for Lattice from $88 to $65, citing previous expectations as "too high" and indicating a longer growth trajectory [5] - Shares of Lattice Semiconductor fell 8% to $50.55, marking a significant decline since the CEO's departure [6]
Lattice Semiconductor Tumbles As Industrial Sales Weigh