FORM - FormFactor shares slide as weak forecast offsets Q1 sales strength

FormFactor (FORM) shares are currently down 18.3% after yesterday's first quarter results included inline profits and a downside profit forecast.For Q1, revenue was up 16% on the year to $187M, the second-highest quarterly revenue in company history. The strength was driven by robust Foundry & Logic and consistent DRAM results.Gross margin improved from 43.4% in Q4 to 45% after the company addressed discrete issues."In the second quarter we expect that a reduction in Foundry and Logic demand from the timing of certain customer design releases, following especially high first quarter levels, will be offset by increased DRAM probe card shipments," says CEO Mike Slessor.The Q2 forecast includes revenue of $180-192M (consensus: $183.11) and EPS of $0.28-0.36 (consensus: $0.38).Press release.

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FormFactor shares slide as weak forecast offsets Q1 sales strength