FormFactor Inc. (NASDAQ: FORM) shares plunged more than 22% in the after-hours session on Wednesday following the company's mixed fourth-quarter results and weak first-quarter guidance.
The semiconductor company reported Q4 adjusted earnings per share of $0.27, missing analysts' expectations of $0.29. Revenue in the quarter came in at $189.48 million, also slightly lower than the consensus estimate of $191.12 million.
For the first quarter, FormFactor projected revenue in the range of $170 million plus or minus $5 million, significantly below analysts' expectations of $192.93 million. The company also provided a disappointing earnings guidance for Q1, forecasting adjusted EPS of $0.19 plus or minus $0.04, compared to the consensus estimate of $0.33.