Shares of programmable chip-making company Lattice Semiconductor (NASDAQ: LSCC) surged 8.4% through 10:45 a.m. ET Tuesday after the company beat earnings estimates last night.

Analysts had expected Lattice to earn $0.44 per share, pro forma, on $166.3 million in sales for the third quarter of 2022. Instead, Lattice reported that its pro forma earnings were $0.48 per share, and its sales, $172.5 million.  

Sales soared 31% year over year in Q3, and Lattice tacked on a full 6 percentage points to its gross profit margin earned on those sales -- to 68.8%. Accordingly, after selling more chips and earning more money per chip sold, Lattice's profits jumped much faster than sales -- up 74% to $0.33 per share when calculated according to generally accepted accounting principles (GAAP).  

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Source Fool.com