PLAB - Why Photronics Stock Fell Hard on Wednesday
2024-02-21 14:16:47 ET
Shares of Photronics (NASDAQ: PLAB) took a steep dive on Wednesday morning after a mildly disappointing earnings report. The stock fell as much as 18.9% in the morning session, recovering to a still-painful 15% price drop by noon ET.
The maker of ultra-precise photo masks used in the manufacturing of semiconductor chips and digital display panels reported adjusted first-quarter earnings of $0.48 per share on sales of $216 million. The bottom-line result was in line with management's guidance and a rounding error away from meeting the Street's consensus target at $0.49 per share. But revenue fell below the bottom end of the official guidance range and $4 million short of the average analyst projection.
Looking ahead to the second quarter of fiscal 2024, Photronics set the midpoint of its earnings target just below the current analyst view with a revenue projection $1 million ahead of Wall Street's expectations.
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Why Photronics Stock Fell Hard on Wednesday