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

Follow RTT