It looks like AMKR forward guidance is light. Somone said something the analysts did not like as it is off 17 percent.
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Amkor (NASDAQ:AMKR) Reports Q2 In Line With Expectations But Stock Drops
Kayode Omotosho
Mon, Jul 29, 2024, 1:20 PM PDT4 min read
In this article:
Amkor (NASDAQ:AMKR) Reports Q2 In Line With Expectations But Stock Drops
Semiconductor packaging and testing company Amkor Technology (NASDAQ:AMKR) reported results in line with analysts' expectations in Q2 CY2024, with revenue flat year on year at $1.46 billion. On the other hand, next quarter's revenue guidance of $1.84 billion was less impressive, coming in 1.8% below analysts' estimates. It made a GAAP profit of $0.27 per share, improving from its profit of $0.26 per share in the same quarter last year.
Is now the time to buy Amkor? Find out in our full research report.
Amkor (AMKR) Q2 CY2024 Highlights:- Revenue: $1.46 billion vs analyst estimates of $1.45 billion (small beat)
- EPS: $0.27 vs analyst estimates of $0.22 (23.4% beat)
- Revenue Guidance for Q3 CY2024 is $1.84 billion at the midpoint, below analyst estimates of $1.87 billion
- Gross Margin (GAAP): 14.5%, up from 12.8% in the same quarter last year
- Inventory Days Outstanding: 28, up from 26 in the previous quarter
- Free Cash Flow was -$244.6 million, down from $66.14 million in the previous quarter
- Market Capitalization: $9.39 billion
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“Amkor delivered second quarter results in line with expectations. Revenue of $1.46 billion was up 7% sequentially, driven by Advanced packaging supporting premium tier smartphones and AI solutions utilizing 2.5D technology,” said Giel Rutten, Amkor’s president and chief executive officer.
Operating through a largely Asian facility footprint, Amkor Technologies (NASDAQ:AMKR) provides outsourced packaging and testing for semiconductors.
Semiconductor ManufacturingThe semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers, and data storage. The need for technologies like artificial intelligence, 5G networks, and smart cars is also creating the next wave of growth for the industry. Keeping up with this dynamism requires new tools that can design, fabricate, and test chips at ever smaller sizes and more complex architectures, creating a dire need for semiconductor capital manufacturing equipment.
Sales GrowthAmkor's revenue growth over the last three years has been unimpressive, averaging 6.1% annually. As you can see below, this was a weaker quarter for the company, with revenue growing from $1.46 billion in the same quarter last year to $1.46 billion. Semiconductors are a cyclical industry, and long-term investors should be prepared for periods of high growth followed by periods of revenue contractions (which can sometimes offer opportune times to buy).
Amkor Total Revenue
This was a sluggish quarter for the company as its revenue grew 0.2% year on year, in line with analysts' estimates. Amkor's growth, however, flipped from negative to positive this quarter. This encouraging sign will likely be welcomed by shareholders.
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Amkor returned to positive revenue growth this quarter and its management team expects the trend to continue. The company is guiding to 0.7% year-on-year growth next quarter, and analysts seem to agree, forecasting 9.9% growth over the next 12 months.
Unless you’ve been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefitting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story.
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