Amkor Technology Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, reported mixed results for the third quarter of 2024. The company's revenue of $1.86 billion beat analysts' estimates of $1.84 billion, driven by strong demand for its advanced packaging services, particularly in the communications and consumer end markets.
However, Amkor's earnings per share (EPS) of $0.49 missed analysts' expectations by a penny, coming in at $0.01 below the consensus estimate of $0.50. The company's profitability metrics, such as gross margin, operating income, and net income, declined compared to the same period last year.
The real disappointment came from Amkor's guidance for the fourth quarter of 2024. The company forecasts revenue in the range 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.
Following the release of the Q3 results and weak Q4 guidance, Amkor's shares plunged as much as 12% in after-hours trading on October 28, 2024.
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