Lattice Semiconductor (NASDAQ:LSCC) 4Q Revenue Up 35%
The $792 million market capped Lattice Semiconductor (NASDAQ:LSCC) reported strong revenues from its 4Q operations on its earnings call on 6th February, after market close. The revenues for the reporting quarter went up by a huge 35.9 percent to $89.5 million in comparison to 4Q12 revenue of $65.9 million. Thanks to the huge increase in revenue flow, net income for the quarter went up by 550 percent to $6.5 million as against a net loss of $7.2 million it had recorded in 4Q12. Earnings per share came in 6 cents for 4Q as against 6 cents loss that was reported during 4Q12.
Lattice Semiconductor (NASDAQ:LSCC) President and Chief Executive Officer Darin Billerbeck, commenting on the growth drivers for his firm during the quarter, has been quoted to have said that, “2013 was a great year for Lattice. We created a new fast growing market for our innovative low-power, low-cost FPGAs. We diversified our customer base while we continued to create compelling and defendable solutions in our traditional markets. We have made the jump from being a predictably slow 30-year-old CPLD company, to being an agile first mover in the exciting world of the internet of things/”
Strong Sequential Growth
With revenues going up in 4Q, Lattice Semiconductor (NASDAQ:LSCC) has succeeded in totaling up four successive quarters of revenue growth with new bench markets being set for the quarter revenue in the past decade.
On the back of consistent revenue growth, the firm got upgraded by analyst at brokerage firm Robert W. Baird. It has raised the price target to $8 from previous $6 per share recommendation and has pegged the stock as Buy from previous Hold. The new price targets represent a more than 42 percent premium on its current share price. It is also appropriate to note here that Jefferies Group had raised the price target of the stock from $5.50 to $6.50 in the second week of January.