What: Shares of Lattice Semiconductor (NASDAQ:LSCC) have popped today, up by 8% as of 12:34 p.m. ET, after the company reported fourth-quarter earnings results.
So what: Revenue in the fourth quarter came in at $101.2 million, or $101.3 million on an adjusted basis. That all translated into a net loss of $0.38 per share, or $0.04 per share on an adjusted basis. That bottom line loss was right on target with what analysts were expecting. Adjusted gross margin was 54.6%.
Now what: The recent acquisition of Silicon Image is helping to drive growth. Revenue was up 21.1% year over year thanks in part to the deal. However, CEO Darin G. Billerbeck said the company was disappointed that there was a payment delay related to an IP contract that was inked before the third-quarter earnings call. This delay caused revenue and adjusted gross margin to be slightly lower than expected, but the company expects to receive the payment soon. Lattice is confident that it can meet its profitability goals for this year, with $49 million in cost synergies from the Silicon Image acquisition.