Lattice stock sinks 13% after company’s weaker outlook

Shares of Lattice Semiconductor Corp.
LSCC,
-4.05%
dropped more than 13% in the extended session Monday after the company beat Wall Street expectations for its third quarter but called for lower current-quarter sales. Lattice earned $54 million, or 38 cents a share, in the third quarter, compared with $46 million, or 33 cents a share, in the year-ago period. Adjusted for one-time items, the company earned 53 cents a share. Sales rose 11% to $192 million. Analysts polled by FactSet expected adjusted earnings of 52 cents a share on sales of $192 million. “Today Lattice has the strongest product portfolio in our 40-year history and we continue to rapidly expand our product lineup,” Chief Executive Jim Anderson said in a statement. Lattice called for fourth-quarter revenue between $166 million and $186 million; the analysts surveyed by FactSet expect $196 million.