Lattice Semiconductor Corp. (LSCC) - Get Report surged 21.52% to $9.94 on Wednesday after the chipmaker's fourth-quarter revenue and first-quarter sales guidance beat Wall Street's expectations.

The Portland, Oregon-based company reported a fourth-quarter loss of $7.1 million, or 5 cents a share, compared with a loss of $7.2 million, or 6 cents a share, in the year-ago period.

Adjusted earnings were 8 cents a share. Revenue totaled $96 million, up from $95.3 million a year ago.

Analysts had expected earnings of 8 cents a share on revenue of $95.1 million.

For the first quarter, Lattice expects revenue between $94 million and $98 million, while Wall Street is looking for revenue of $93.7 million.

During a conference call with investors, Jim Anderson, president and CEO and a director, said that after being on the board for about five months "I continue to be very excited about the potential of Lattice."

"We're well-positioned in large growing markets, we have a solid footprint across many of the world's leading OEMs and we have a differentiated product portfolio with new products coming to market later this year," Anderson said. "And we now have a new management team in place to lead the company forward."

Anderson said that despite the uncertainty in the current macroeconomic climate, he was pleased to report that the fourth quarter "developed as planned with revenue, gross margin, and operating expenses in line with our expectations."

"In terms of the full year," Anderson said, "2018 was an important transition year for us. We shut down non-performing businesses to focus on our profitable and growing programmable logic business. And we made solid financial progress in 2018 across a number of key areas."