Shares of Amkor Technology (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, plunged 8.8% on October 28, 2024, after the company reported mixed results for the third quarter of 2024 and issued a disappointing outlook for the current quarter.

For the third quarter, Amkor posted revenue of $1.86 billion, beating analysts' estimates of $1.84 billion. This revenue growth was driven by strong demand for the company's advanced packaging services, particularly in the communications and consumer end markets. However, the company's earnings per share of $0.49 missed expectations by a penny, as profitability metrics like gross margin, operating income, and net income declined compared to the same period last year.

Despite the revenue beat, investors appear to be more concerned about Amkor's guidance for the fourth quarter of 2024. The company forecasts revenue of $1.60 billion to $1.70 billion, lower than analysts' estimates of $1.84 billion. Additionally, Amkor expects 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, suggesting further declines in profitability compared to Q3 2024 and the year-ago period.