What happened

Shares of Lattice Semiconductor (NASDAQ:LSCC) jumped on Wednesday, rising as much as 26.2%. As of 10:45 a.m. EST, the stock was up 22.3%.

The sharp gain came in the wake of Lattice's fourth-quarter and full-year results. While the semiconductor company's non-GAAP earnings per share was in line with analysts' average forecast for the metric, fourth-quarter sales and management's first-quarter revenue guidance came in ahead ahead of expectations.

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So what

Lattice reported fourth-quarter revenue of $96.0 million, up from $95.3 million in the year-ago quarter. Non-GAAP EPS for the period was $0.08, up from $0.01 last year.

On average, analysts were expecting revenue and non-GAAP EPS of $95.1 million and $0.08, respectively. 

"We are pleased to report that for the full year 2018, we substantially improved Lattice's profitability, earnings per share and operating cash flow," said CEO Jim Anderson in the company's fourth-quarter earnings release. "We simplified the Company's operating structure and have attracted an experienced executive team to lead all critical business areas."

Now what

Looking ahead, management said it expects first-quarter revenue between $94 million and $98 million -- ahead of the consensus analyst estimate for revenue of $93.7 million.

Management believes the company is positioned to benefit from "multiple catalysts in our business" over the long haul. These catalysts include "growth in computing, industrial and automotive, and the global 5G buildout," Anderson said.

Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.