Shares of Vishay Intertechnology (NYSE: VSH) plummeted over 5% in pre-market trading on Monday, following the company's disappointing third-quarter 2024 results and a gloomy outlook for the current quarter.
The semiconductor manufacturer reported a net loss of $18.993 million, or $0.14 per share, for the third quarter, missing analyst estimates of $0.14 earnings per share. Revenue came in at $735.353 million, falling short of the consensus estimate of $748.843 million, representing a year-over-year decline of 13.9%.
Vishay Intertechnology cited a prolonged period of inventory de-stocking by industrial customers, slow consumption pace, and worsening macroeconomic conditions in Europe as the primary reasons for the weak performance. The company's gross margin slid to 20.5%, while operating margin plunged into negative territory at -2.5%.
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