HILLSBORO, Ore. (AP) -- Lattice Semiconductor Corp.'s posted a loss for its fiscal second quarter on Thursday as the chip maker faced weakness in Europe.
The Hillsboro, Ore.-based company has struggled with the impact of the tough global economy, weakness in some worldwide distribution, particularly in Europe, for several quarters. Although it said Thursday that its new product growth is strong and it will continue to drive its product costs down.
The company posted a loss of $12.5 million, or 11 cents per share, for the quarter that ended June 30. That's compared with net income of $13 million, or 11 cents per share, in the same quarter last year. After adjusting for a $10.5 million income tax expense, it posted more modest loss of 2 cents per share.
Lattice's revenue slipped to $70.8 million from $71.7 million.
Analysts polled by FactSet were expecting the company to post a loss of 2 cents per share on revenue of $70.6 million for the period. Lattice had forecast revenue in a range as low as $69.5 million for the period.
Lattice expects revenue to range from flat to down 2 percent for the third quarter compared with the second. That equates to revenue between roughly $70.8 million and $69.4 million. Analysts are expecting the company to generate revenue of $73.2 million for the period.
Some investors appeared to be cheered by the fact that the company met expectations on an adjusted basis and its revenue didn't come in as bad as Lattice may have anticipated. Its shares rose 52 cents, more than 14 percent, to $4.10 in after-hours trading. During the regular session, shares fell 13 cents to close at $3.58.
The company's stock remains near the low end of its 52-week trading range of $3.49 to $7.18.
