Axcelis Technologies Inc. (NASDAQ: ACLS) saw its stock decline by 5.94% in after-hours trading on Monday after the semiconductor equipment maker reported mixed results for the third quarter of 2024 and corrected its historical backlog figures.

For the quarter ended September 30, 2024, Axcelis posted revenue of $256.6 million, beating analysts' expectations of $255.03 million but representing a 12.23% decline from the same period last year. Earnings per share (EPS) came in at $1.49, exceeding the consensus estimate of $1.42 but down 25.13% compared to the prior-year quarter.

The company's gross margin for the quarter stood at 42.9%, down from 43.8% in the previous quarter. Operating profit declined to $46.9 million from $52.8 million in Q2 2024, while net income fell to $48.6 million from $50.9 million in the previous quarter.

In terms of segment performance, Axcelis' product revenue decreased to $246.8 million from $283.4 million a year ago, while services revenue increased to $9.7 million from $9.0 million in the year-ago period.

President and CEO Russell Low acknowledged the near-term challenges but remained optimistic about the company's long-term growth prospects, citing attractive secular growth opportunities in silicon carbide, a potential cyclical recovery in memory and mature markets, market share gains in advanced logic, and regional penetration in Japan.