Amkor Technology posted third-quarter sales and profits that topped Wall Street analysts’ expectations but its guidance for the upcoming quarter disappointed.
For 3Q, the outsourced semiconductor assembly and test service provider’s earnings per share of $0.54 narrowly beat estimates of $0.53 but dropped significantly from $1.24 in the year-ago quarter.
Sales of $1.82 billion came in ahead of expectations of $1.8 billion. Amkor’s sales rose 25% sequentially driven by growth within its Communications end market but declined from sales of $2.08 billion in the year-ago quarter.
The company’s revenue guidance for the fourth quarter, on the other hand, fell short of expectations. It guided revenue in the range of $1.63 billion to $1.73 billion, below the Street estimate of $1.87 billion.
Amkor shares, which initially fell about 15% on its weaker-than-expected 4Q guidance, recovered to add 1% at US$20.65 at noon on Tuesday.
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