Shares of Amkor Technology (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, plunged 10.94% in after-hours trading on October 28, 2024, following the release of the company's third-quarter 2024 financial results.
While Amkor reported Q3 revenue of $1.86 billion, beating analysts' estimates of $1.84 billion, the company's earnings per share of $0.49 missed expectations by a penny. This was a 9.26% decline from the same period last year.
The miss in earnings appeared to stem from a year-over-year decline in profitability metrics. Amkor's Q3 gross margin fell to 14.6% from 15.5% a year ago, while operating income dropped to $149 million from $167 million in Q3 2023. Net income attributable to Amkor shareholders declined to $123 million, or $0.49 per diluted share, compared to $133 million, or $0.54 per diluted share, in the prior-year quarter.
Additionally, Amkor's Q4 2024 guidance disappointed investors. The company forecasts revenue of $1.60 billion to $1.70 billion, gross margin of 13.5% to 15.5%, and net income of $70 million to $110 million, or $0.28 to $0.44 per diluted share. These projections suggest further declines in profitability compared to Q3 2024 and the year-ago period.
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