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FormFactor (NASDAQ:FORM) inventory had fallen 13.1% to $35 in Thursday premarket buying and selling, as buyers regarded previous a Q2 earnings beat and centered on the corporate’s weak steerage for the following quarter.
FORM after hours on Wednesday reported Q2 non-GAAP EPS of $0.46 which beat estimates by $0.03. Its Q2 income of $203.91M additionally beat expectations by $0.77M.
Nevertheless, the corporate mentioned it anticipated Q3 income of $183M +/- $6M, decrease than the consensus income estimate of $194.23M. Q3 adj. EPS is anticipated to be $0.21 +/- $0.04, considerably beneath the consensus EPS estimate of $0.43.
Livermore, Calif.-based FormFactor (FORM) designs, makes and sells probe playing cards and probe stations to semiconductor firms.
“Our sequentially weaker outlook is due primarily to diminished demand for Foundry & Logic probe playing cards from a number of main clients in each cellular and compute functions,” mentioned FORM CEO Michael Slessor on the earnings convention name.
Slessor additionally mentioned that the corporate views the discount in Foundry & Logic probe card demand as a short-term response by its clients to “altering circumstances of their finish markets and never a structural change in our enterprise.”
As much as Wednesday’ shut, FORM inventory -11.9% YTD.
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