Amkor Technology Inc. Down 5.03% To $19.75 After Earnings Beat

Amkor Technology, Inc. (AMKR) surpassed earnings projections on 10/31/2022 for Q3 2022.

The consensus among analysts for Amkor Technology Inc. was for an earnings per share (EPS) of $0.93. The firm was able to surpass those projections, reporting an EPS of $1.24, a positive surprise of $0.31 (33%). Profits rose 68% year-over-year after reporting an EPS of $0.74 in its year-ago quarter. The positive growth rate signals that the Technology company is performing well amid recent economic conditions.

Revenues were upbeat at $2.1 billion. That is an increase of 23.97% in revenues from the year-ago report and is 7.98% higher than consensus estimates set at $1.9 billion.

The stock is down 5.03% to $19.75 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Amkor Technology Inc. a Bullish Sentiment Rank from InvestorsObserver.

Amkor Technology Inc. has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 86, putting Amkor Technology Inc. in the top 25% of stocks. The firm set a 52-week low on July 5, 2022 at $14.89 and set a 52-week high on January 4, 2022 at $26.64.

Amkor Technology Inc is a provider of outsourced semiconductor packaging and test services to integrated device manufacturers, fabless semiconductor companies, and contract foundries. The firm's products are organized into two streams: advanced products, including flip chip, wafer-level processing and testing services; and mainstream products, including wirebond packaging and testing. Roughly a third of the firm's revenue is generated in the United States, with the rest coming from China, Ireland, Japan, Malaysia, Taiwan, Singapore, and countries across the world.