COHU - Cohu stock plunges after downside sales forecast

Cohu (NASDAQ:COHU) shares see red after the company reported second-quarter results with a soft revenue beat and provided downside sales guidance. Revenue was up 70% year-over-year to $244.8M, about $1.4M ahead of consensus estimates. Adjusted earnings of $0.89 per share was $0.09 above estimates. Cohu completed its divestment of the Printed Circuit Board business during the quarter, resulting in a gain of $75.8M. But the divestment didn't qualify for presentation as discontinued operations and the PCB results were included in all periods the company presented. “Year-to-date results and our forecast put Cohu on track for record full year revenue and profitability, benefiting from strong 5G mobility, automotive and improving consumer and industrial semiconductor demand,” says Cohu CEO Luis Müller. For the third quarter, Cohu forecasts revenue of $220-$235M, below the $237.2M consensus. Cohu shares are currently down nearly 10% to $33.57. Late last month, Cohu announced prepaying $100M on a term loan using the

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Cohu stock plunges after downside sales forecast