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- ACM Research, Inc (NASDAQ:ACMR) subsidiary ACM Research (Shanghai), Inc posted preliminary revenue for the quarter that ended September 30, 2022, and backlog figures for ACM Shanghai as of September 30, 2022.
- Revenue for the September quarter will likely range between $119 million and $131 million, representing growth of 84% - 101% Y/Y, above the consensus of $110.9 million.
- ACM currently owns an 82.5% equity interest in ACM Shanghai.
- As of September 30, 2022, ACM Shanghai's total backlog amounted to $652.51 million.
- ACM and ACM Shanghai evaluated the potential direct impact of the U.S.'s latest embargo on equipment shipments and business practices with PRC-based semiconductor manufacturers.
- Shares in top Chinese chipmakers shed $7.7 billion in market value on October 10, as new U.S export controls restricted the sale of semiconductors made with U.S. technology unless vendors obtain an export license.
- The controls also barred U.S. citizens or entities from working with Chinese chipmakers without explicit approval and limited the export of manufacturing tools that would allow China to develop its equipment.
- Price Action: ACMR shares traded lower by 0.37% at $8.07 on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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