Plus   Neg

Amkor Technology Shares Down 10% On Weak Outlook

Shares of Amkor Technology Inc. (AMKR) slipped nearly 10% on Monday's extended trading session after the company detailed a weak revenue outlook for the first quarter.

Tempe, Arizona-based Amkor's fourth-quarter profit dropped to $28 million or $0.12 per share from last year's $100 million or $0.42 per share.

Analysts polled by Thomson Reuters expected earnings of $0.08 per share. Analysts' estimates typically exclude special items.

Revenues for the quarter fell to $1.08 billion from $1.15 billion last year. Analysts had a consensus revenue estimate of $1.06 billion.

"Both revenue and earnings were stronger than expected in the fourth quarter," said Steve Kelley, Amkor's president and chief executive officer. "For full year 2018, sales increased 3% year over year to a record $4.3 billion. Broad customer engagement across multiple end markets drove our balanced growth."

Looking forward to the first quarter, Amkor expects sales of $840 million to $920 million and loss per share of $0.27 to $0.07 per share. Analysts currently estimate earnings of $0.03 per share and revenues of $1.01 billion.

"We expect first quarter 2019 revenues to be around $880 million. Our first quarter revenue guidance reflects the inventory correction currently underway in the smartphone market."

AMKR closed Monday's trading at $8.48, up $0.10 or 1.19% on the Nasdaq. The stock, however, slipped $0.81 or 9.55% in the after-hours trade.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
While reporting financial results for the first quarter, American Express Co. (AXP) on Thursday affirmed its earnings and revenue growth guidance for the full-year 2019. For fiscal 2019, the company continues to project earnings in the range of $7.64 to $8.14 per share and adjusted earnings in the... While reporting financial results for the first quarter, Honeywell international Inc. (HON) on Thursday raised its earnings and sales outlook for the full-year 2019. For fiscal 2019, the company raised its earnings outlook to a range of $7.90 to $8.15 per share from the previous guidance range of... Chipmaker Intel Corp. said it plans to exit the 5G smartphone modem business, with the announcement coming just hours after Apple Inc. and Qualcomm Inc. said they have settled their royalty dispute. The settlement includes a payment from Apple to Qualcomm, but no details were disclosed about the payment or fees. Qualcomm's shares are gaining more than 14 percent in Wednesday's trading session.
Follow RTT