FormFactor Inc FORM is trading significantly lower Thursday after the company reported worse-than-expected earnings.
What Happened: FormFactor reported first-quarter financial results on Wednesday. The company reported earnings of 38 cents per share, missing the estimate of 39 cents, and revenue of $186.6 million beating the estimate of $183 million.
“Our revenue and gross margin performance, paired with good operating expense control, produced solid quarterly results as we continued to invest in capacity expansion to meet anticipated long-term, broad-based demand,” said CEO Mike Slessor.
Related Link: Recap: FormFactor Q1 Earnings
Analyst Assessment: Needham analyst Quinn Bolton maintained a Buy rating on FormFactor and raised his price target from $54 to $57.
Price Action: FormFactor has traded as high as $52.39 and as low as $21.97 over a 52-week period. The stock was down 18.4% at $39.07 at last check.
Photo courtesy of FormFactor.
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