2024-05-11 08:35:26 ET
Summary
- ACM Research reports strong Q1 earnings, beating revenue expectations with a 103% YoY increase.
- The China semiconductor market continues to grow, with ACM Research benefiting from the country's focus on self-sufficiency.
- ACM Research's revenue momentum remains strong, and the company is on track to achieve its $1 billion revenue target by 2026.
Solid Q1 Earnings
ACM Research ( ACMR ) reported a strong Q1 quarter with both top and bottom-line beat. The company reported revenue of $170.5 million, a 103% YoY increase, beating consensus by $0.52 million. Company also maintained its FY2024 guidance of $650 - $725 million. However, market reacted negatively to the results as it was expecting a raise to the guidance. See below the results:
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For further details see:
ACM Research: The Road To $1B Revenue