Lattice Semiconductor Corporation shares tumbled 16.1% in premarket trading Tuesday after the company reported its second-quarter financial results Monday. Revenue guidance for the third quarter was also weaker than analysts ’ estimates. Here's a look at the keyfigures from the report.

The Details: Lattice Semiconductor reported quarterly earnings of 23 cents per share, which missed the analyst consensus estimate of 24 cents and is a 55.77% decrease from the same period last year.

Quarterly sales came in at $124.076 million, which missed the analyst consensus estimate of $130.172 million by 4.68% and represents a 34.72% decrease from the same period last year. Gross margin was 69%.

"Second quarter 2024 results reflect the impact of cyclic industry headwinds. While the industry continues to go through a period of inventory normalization, we are starting to see signs of improvement. We continue to execute on our ongoing product portfolio expansion and remain well positioned for long-term growth," said Esam Elashmawi, interim CEO of Lattice.

Outlook:   Lattice expects revenue for the third quarter of 2024 to be between $117 million and $137 million and gross margin to be 69%, plus or minus 1%.