Lattice Semiconductor Shutting Unprofitable Millimeter Wave Business
Lattice Semiconductor is scuttling its millimeter wave business, a move expected to result in $25 million of mostly noncash restructuring and impairment charges in Q2 and a $13 million annualized reduction in operating expenses, it said Wednesday. The company doesn't…
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expect a significant impact to its potential full-year 2018 revenue, citing strength in other areas. It will support customers’ product and support requirements during the transition, it said. Interim CEO Glen Hawk said millimeter wave was determined to be a noncore business, "unable to achieve the required near-term scale to be profitable or to warrant any further investment." The company will focus on improving operating efficiencies and accelerating revenue growth of its existing semiconductor solutions in control, connect and compute applications, Hawk said. In September, President Donald Trump signed an executive order blocking Canyon Bridge Fund’s $1.3 billion acquisition of Lattice Semiconductor on national security grounds (see 1709130056). Lattice's Q2 earnings call is July 26.