HILLSBORO, Ore. (AP) -- Lattice Semiconductor Corp. on Tuesday raised its first-quarter revenue guidance on stronger demand.
The chip maker, based in Hillsboro, Ore., said it expects its revenue will increase approximately 6 to 8 percent on a sequential basis. This compares to its prior forecast of a drop of 2 to 4 percent on a sequential basis.
Lattice said customer demand is stronger in its communications and consumer market segments.
Based on the $65.9 million in revenue it reported in its fourth quarter, the company's revenue would come in between $69.9 million and $71.2 million. Analysts polled by FactSet, on average, had expected the company would deliver revenue of $67.9 million.
Shares jumped 5.2 percent, or 25 cents, to $5.02 by midday Tuesday. Its shares are nearing the higher end of its 52-week trading range of $3.17 to $6.60.