What happened

Shares of Lattice Semiconductor (NASDAQ:LSCC) soared on Wednesday, rising as much as 20.3%. As of 11:50 a.m. EDT, the stock was up 19.3%.

The semiconductor stock's gain follows the company's second-quarter earnings release, which highlighted non-GAAP (adjusted) earnings per share that soared past analysts' consensus estimate for the metric.

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So what

Lattice reported revenue of $102.3 million, down from $102.7 million in the year-ago quarter but up 4.3% sequentially. Non-GAAP earnings per share for the period soared from $0.10 in the year-ago quarter to $0.15. Analysts, on average, were expecting non-GAAP EPS of $0.11.

"We achieved the highest profitability level in over a decade," said Lattice CEO Jim Anderson in the company's second-quarter earnings release. Lattice CFO Sherri Luther also pointed to the company's $44.7 million in cash from operations during the quarter, helping the company make $40 million in discretionary debt payments.

Now what

For Lattice's third quarter, management expects revenue to be between $101 million and $105 million. The midpoint of this guidance range would notably represent more sequential top-line growth. The company also guided for a non-GAAP gross margin of 59%, plus or minus 1 percentage point, during the period.

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