Amkor Technology Reports Q2 Earnings Amid Sell-Off
Amkor Technology (NASDAQ: AMKR) saw its shares drop 24.1% on Tuesday after reporting Q2 earnings that exceeded expectations but provided softer revenue guidance for Q3. The company generated $1.90 billion in revenue, a 26% increase year-over-year, with earnings per share rising 218.2% to $0.70. However, Amkor’s Q3 revenue guidance of $1.95 billion to $2.05 billion fell short of analysts’ expectations of $2.11 billion.
Despite the decline, Amkor is experiencing growth in its AI-related packaging business, with gross margin guidance of 18.5% to 19.5%, significantly higher than the 16.4% analysts anticipated. The Communications segment, which comprises 42% of revenue, is expected to face challenges due to a memory supply crunch, potentially impacting smartphone sales.
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