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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.