FORM - FormFactor Hit By Volatile Results But Leading-Edge Launches Make It Worth A Look

• FormFactor has sold off on quarterly volatility as major customers like Intel buy fewer logic probe cards, but the underlying drivers for the business are still in place.
• Second quarter results were about in line on revenue and better on profits, but management guided to lower margins in the third quarter and flat card volumes.
• FormFactor will benefit from leading-edge fab investment among its major customers, but the benefits won't likely really show until 2H'22.
• Leveraged to increasing chip complexity, FormFactor looks more interesting at today's price.

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