By Sabela Ojea
Shares of Amkor Technology dropped after the provider of semiconductor packaging, design and test services posted lower-than-expected sales for the fourth quarter.
The stock was down 11% to $21.80 in postmarket trading. Through Monday's close, shares have fallen 23% over the past 12 months.
The company said fourth-quarter revenue fell to $1.63 billion from $1.75 billion a year ago. Analysts polled by FactSet had forecast higher sales of $1.66 billion.
The company also reported a quarterly net profit of $106 million, or 43 cents a share, compared with $118 million, or 48 cents a share, for the same period a year earlier.
Chief Executive Giel Rutten said weakness in the automotive and industrial, and communications end markets contributed to a full-year decline in sales.
"We remain confident in our long-term strategy and continue to invest in technology for advanced packaging and our broad geographic footprint with a focus on industry megatrends," he said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
February 10, 2025 18:55 ET (23:55 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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