It’s safe to say Lattice Semiconductor (LSCC -10.03%) investors did not have a Tuesday they would like to remember. Their stock fell by more than 10% in price that trading session, the cause being an uninspiring quarterly earnings report. That decline was significantly steeper than the 0.8% slide of the bellwether S&P 500 (^GSPC -0.77%).

Expected declines

Lattice’s first quarter revenue was just under $120.2 million, which represented a concerning year-over-year drop of almost 15%. On the bottom line, the fall was more pronounced, with non-GAAP (generally accepted accounting principles) adjusted net income sliding nearly 24% to $30.7 million, or $0.22 per share.

Image source: Getty Images.

Despite the declines, both headline metrics broadly met analyst expectations. The consensus pundit expectation for revenue was $120.1 million, while that for adjusted profitability was the achieved $0.22 per share.

In the earnings release, Lattice sounded a hopeful and optimistic tone for its future. It quoted CFO Lorenzo Flores as saying: “The prior realignment of our resources, coupled with our resilient supply chain and global customer base, position us well. We’re maintaining disciplined control over operating expenses while continuing to focus on execution.”

Guidance was in line too

Lattice proffered fairly comprehensive guidance for its current (second quarter). The company said it expects to book $118.5 million to $128.5 million in revenue, and adjusted net income ranging from $0.22 to $0.26 per share. The consensus analyst estimates fit within these ranges, with projections of $123.6 million on the top line and $0.24 for adjusted, per-share profitability.

In the earnings release, Lattice didn’t directly address how it might get its growth train restarted, which was likely a factor in the negative investor reaction. If the company can’t hit this goal, we can expect many market players to continue shunning the stock.

The ex-CEO of a small bank reportedly sent shockwaves through a small American community when he fell for an elaborate crypto scam, causing over $47 million in damages and wiping out generational wealth.

In August of last year, Shan Hanes, the former CEO of Heartland Tri-State Bank (HTSB) in Elkhart, Kansas, was sentenced to 24 years in prison for funneling the bank’s money into a cryptocurrency scheme that turned out to be a blatant scam.

The Justice Department said that Hanes had fallen victim to a pig butchering scheme, a widespread type of scheme where scammers build relationships with their targeted victims to lure them into making fraudulent investments.

A new report from the New York Times details how the collapse of the bank – in which many townspeople held investments – affected the community.

In July of 2023, the Kansas banking commissioner showed up at the bank to announce that the lender would be shut down and transferred over to a new company. While the deposits were insured, shares of HTSB had become completely worthless, erasing many of Elkhart residents’ retirements, savings and emergency funds.

Jim Tucker, who served on HTSB’s board with his father, described how Hanes repeatedly convinced his colleagues and the community to keep borrowing money to “invest” in the scam. The Tucker family lost $1.4 million worth of HTSB shares, wealth that was meant to be passed on to their children.

A pair of brothers, Moe and John Houtz, lost hundreds of thousands of dollars from HTSB’s collapse.

And Hanes himself drained his own personal savings, then began stealing directly from his local investment club, his church and from HTSB’s reserves.

Says U.S. Attorney Kate E. Brubacher,

“Hanes’ greed knew no bounds. He trespassed his professional obligations, his personal relationships, and federal law. Not only did Shan Hanes betray Heartland Bank and its investors, but his illegal schemes also jeopardized confidence in financial institutions.”

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