Lattice Semiconductor Corporation (LSCC) shares experienced a significant surge on Monday, fueled by the appointment of Ford Tamer as the company’s new CEO, effective immediately. Tamer, a veteran of the semiconductor industry, brings a wealth of experience from his leadership roles at Inphi, Telegent Systems, and Broadcom. He succeeds Esam Elashmawi, who served as Interim CEO since June 2024 and will now focus on his role as Chief Strategy and Marketing Officer.
In addition to the leadership change, Lattice Semiconductor reaffirmed its financial guidance for the third quarter of 2024. The company expects revenue to fall between $117 million and $137 million, slightly below the consensus estimate of $127.09 million. Lattice also anticipates a gross margin of 69%, plus or minus 1%.
It’s important to note that Lattice Semiconductor’s recent performance has been mixed. In July, the company reported quarterly earnings of $0.23 per share and sales of $124.1 million, falling short of analyst expectations of $0.24 per share and $130.2 million, respectively. Despite the recent earnings miss, the appointment of Tamer and the reaffirmation of guidance seem to have instilled confidence in investors, driving up the stock price.
Investors interested in gaining exposure to Lattice Semiconductor can consider the VanEck Fabless Semiconductor ETF (SMHX) and the Global X Internet of Things ETF (SNSR).
As of Monday’s close, LSCC shares were trading at $50.67, up 13.1% for the day.
