Sector Update: Narrow Losses for Tech Stocks; Lattice Semiconductor Sinks Following Q3 Revenue Forecast


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MSFT +0.21%

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Technology stocks were moderately lower, with shares of technology companies in the S&P 500 slipping about 0.3%.

In company news, Lattice Semiconductor ( LSCC ) fell sharply Friday after the chip-maker forecast a big decline in revenue for the current quarter compared with Q2 levels, also trailing analyst projections for the period.

The company last night said it is expecting revenue during the quarter ending in September to fall between 8% to 12% from the prior quarter, translating into a range of $87.38 million to $91.36 million. Analysts, on average, are expecting LSCC to produce around $98.50 million in Q3 revenue.

The downbeat outlook upstaged better-than-expected financial results for the three months ended June 30. It said net income for the quarter improved from year-ago levels to $11.8 million, or $0.10 per share, up from a $5.0 million profit during the same quarter last year and beating the Capital IQ consensus by $0.01 per share.

Revenue increased 17.2% year over year to $99.3 million, beating analyst projections by around $740,000.

LSCC shares were down around 5% at $7.02 apiece, earlier falling to a session low of $6.03 a share, down 18.4%.

In other sector news,

(+) DTLK, (+18.8%) Q2 adjusted net income of $0.22 per share beats by $0.09. Revenue climbs 7.8% over same quarter last year to $159.4 mln, topping consensus by $9.78 mln.

(-) MXIM, (-12.2%) Fiscal Q4 EPS of $0.43 lags Street view by $0.05 per share. Revenue rises 6.0% year over year to $642 mln, trailing consensus by $8.45 mln. Projected Q1 EPS misses by at least $0.11; revenue outlook comes up at least $56.06 mln short.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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