AMKR - Why Amkor Technology Stock Jumped 34% Today
Shares of Amkor Technology (NASDAQ: AMKR) surged as much as 33.7% higher on Tuesday morning, following the release of surprisingly strong third-quarter results. At 11:25 a.m. EDT, the semiconductor chip packaging and testing specialist's stock had cooled down slightly to a 31.4% gain.
Amkor's sales fell 5% year over year to $1.08 billion. Earnings decreased by 4%, landing at $0.23 per share. Your average analyst would have settled for earnings near $0.08 per share on sales in the neighborhood of $1.03 billion. The company saw strong demand for its advanced chip packaging technologies, including one very large order for an upcoming device launch in the consumer electronics industry. Management did not disclose the identity of that game-changing customer, nor do we know exactly what type of device these Amkor-packaged chips will power.
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