Shares of ASM Pacific Technology Limited (ASMPT) plunged over 5% on Tuesday after the company reported its third-quarter financial results and provided guidance for the fourth quarter.
ASMPT reported an 87% increase in net profit for the third quarter compared to the same period last year, driven by higher earnings per share of HK$0.06. However, the company's revenue declined by 3.7% year-on-year to HK$3.34 billion.
The chipmaker's weak fourth-quarter revenue guidance appears to be the primary catalyst for the stock's sharp decline. ASMPT expects revenue to be between $380 million and $460 million in the fourth quarter, marking a potential decline of up to 3.5% from the same period last year.
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