Semiconductor designer Lattice Semiconductor (NASDAQ:LSCC) will be reporting earnings tomorrow afternoon. Here's what investors should know.

Lattice Semiconductor missed analysts' revenue expectations by 3.3% last quarter, reporting revenues of $170.6 million, down 3% year on year. It was a weak quarter for the company, with underwhelming revenue guidance for the next quarter and a miss of analysts' revenue estimates.

Is Lattice Semiconductor a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Lattice Semiconductor's revenue to decline 23.9% year on year to $140.2 million, a reversal from the 22.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.28 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they are expecting the business to stay the course heading into earnings. Lattice Semiconductor has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 1.4% on average.

Looking at Lattice Semiconductor's peers in the semiconductors segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Intel delivered year-on-year revenue growth of 8.6%, meeting analysts' expectations, and SMART reported a revenue decline of 26.7%, in line with Wall Street's consensus estimates. Intel traded down 6% following the results while SMART was also down 10.5%.

Read our full analysis of Intel's results here and SMART's results here.

Growth stocks have seen elevated volatility as investors debate the Fed's policy, and while some of the semiconductors stocks have fared somewhat better, they have not been spared, with share price declining 2.9% over the last month. Lattice Semiconductor is down 2.8% during the same time and is heading into earnings with an average analyst price target of $75.7 (compared to share price of $75.8).

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