Amkor Plunges 23% After Q3 Guidance Miss Despite Q2 Beat
AMKR has more than doubled off its 52-week low of $20.865.
Summary
Amkor Technology shares cratered 23% after the company's Q3 guidance disappointed, overshadowing a strong Q2 beat. Q2 EPS of $0.70 crushed estimates of $0.48 on revenue of $1.9B, but the Q3 revenue outlook of $2.0B-$2.1B fell short of the $2.1B consensus, with EPS guidance of $0.72-$0.82 above the $0.63 estimate. The mixed guidance, combined with a broader chip selloff, drove the worst single-day drop since March 2020. This follows yesterday's record Q2 results and a recent NVIDIA partnership announcement that failed to lift shares. B. Riley cut its price target to $65 from $75, citing near-term risks from communications weakness and AI sentiment pressure.
At the time of this announcement, AMKR was trading at $46.74 on NASDAQ in the Technology sector, with a market capitalization of approximately $11.6B. The 52-week trading range was $20.87 to $96.68. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.