PLAB - Why Photronics Stock Was Down Today
2023-09-06 12:04:12 ET
Shares of Photronics (NASDAQ: PLAB) were down 10% as of 11:07 a.m. ET on Wednesday after the company reported earnings results for the third quarter, ending July 30.
Revenue was only slightly down from the record levels in the previous quarter, but Wall Street analysts were expecting more. As a result, revenue of $224.2 million missed estimates calling for $230 million, which led to the tumble in the share price today. The stock has now fallen 18% over the last month.
Revenue increased 2% year over year, which is consistent with the single-digit average annual growth this company has reported over the last 10 years.
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Why Photronics Stock Was Down Today