Shares of FormFactor Inc. (NASDAQ: FORM) soared over 5% in pre-market trading on Thursday, following the company's better-than-expected third-quarter earnings results for 2024.
The semiconductor company reported revenue of $207.9 million for the quarter, up 21% year-over-year, surpassing analyst estimates by 3.8%. Earnings per share (EPS) came in at $0.24, a significant 27% beat against forecasts.
FormFactor's profitability also saw a remarkable improvement, with net income skyrocketing 329% to $18.7 million compared to the same period last year. The company's profit margin expanded to 9.0%, up from 2.5% in the third quarter of 2023.
Looking ahead, analysts expect FormFactor's revenue to grow at an average of 8.6% annually over the next three years, outpacing the 18% growth forecast for the broader U.S. semiconductor industry.
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