By Sabela Ojea
Shares of Amtech Systems on Friday rose 4.9% to $3.61 in post-market trading following a quarterly revenue beat and after closing the market session near a 10-year low.
The stock ended the market session down 15% at $3.44, its lowest since April 24, 2013, when it closed at $3.40.
The provider of video conferencing solutions said revenue for the fiscal first quarter fell 13% to $24.9 million, but came in ahead of management expectations of up to $24 million.
The company has achieved annualized cost savings of $6 million in the past four months “as markets recover,” Chief Executive Bob Daigle said.
“We believe the strategic actions we are taking will lead to significant improvements in operational efficiency, operating leverage, and increased shareholder value,” Daigle said.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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