Amkor Technology shares drop 14% on guidance miss

Amkor Technology (NASDAQ:) reported its Q3 results, with EPS of $0.54 coming in better than the consensus estimate of $0.53. Revenue was $1.82 billion, beating the consensus estimate of $1.8B. However, shares dropped more than 14% after-hours today on the company’s disappointing Q4 guidance.

“Amkor delivered third quarter revenue and profitability at the high end of guidance. Revenue of $1.82 billion was up 25% sequentially, driven by growth within the Communications end market, which grew year-on-year to a new record level,” said CEO Giel Rutten.

The company expects Q4/23 EPS in the range of $0.32-$0.49, missing the consensus of $0.63. Revenue of $1.625-$1.725B also came in worse than the consensus estimate of $1.87B.