Lattice Semiconductor Cuts Jobs as Profit and Sales Slump

Core Insights - Lattice Semiconductor plans to reduce its workforce by 14% due to declining profits and sales [1][2] - The company incurred a one-time charge of $6.5 million as part of its cost-cutting measures [1][2] - CEO Ford Tamer indicated ongoing "near-term industry headwinds" affecting the company's performance [1][2] Financial Performance - Lattice reported third-quarter earnings per share (EPS) of 5 cents, a significant drop from 39 cents a year ago and below analyst expectations [1] - Revenue decreased by 33.9% to $127.1 million, aligning closely with forecasts [1][2] - The company anticipates that reducing operating costs will lead to annual earnings growth in the low double-digit range by 2025 [2] Stock Performance - Lattice's shares fell by 3% to $50.40 in early trading, marking a loss of over 25% in value since the beginning of the year [2]