United Microelectronics Corp ADR Up 4.08% To $6.73 After Earnings Miss

United Microelectronics Corp ADR (UMC) said before open Wednesday that it earned $0.293 per share in quarter two 2022.

On the revenue line, the company reported $2.4 billion, beating estimates by $35 million.

In the same quarter a year ago, the company earned $0.176 per share on revenue of $1.8 billion.

The stock is up 4.08% to $6.73 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 Sell which may get revised based on this new data.

Trading in the five days leading up to the report earned United Microelectronics Corp ADR a Bearish Sentiment Rank from InvestorsObserver.

United Microelectronics Corp ADR has performed a little below average during the past few months. Before the report, United Microelectronics Corp ADR received a Long-Term Technical Rank by InvestorsObserver of 34, putting it in the bottom half of stocks. The firm was recently trading at a 52-week low of $6.24 on July 6, 2022 and set a 52-week high on December 1, 2021 at $12.68.

Founded in 1980, UMC is the world's third- largest dedicated chip foundry, with 7% market share in 2021 according to Gartner after TSMC and GlobalFoundries. UMC's headquarters are in Hsinchu, Taiwan, and it operates 12 fabs in Taiwan, Mainland China, Japan and Singapore, with additional sales offices in Europe, the U.S. and South Korea. UMC features a diverse customer base including Texas Instruments, MediaTek, Qualcomm, Broadcom, Xilinx and Realtek, supplying a wide range of products applied in communications, display, memory, automotive and more. UMC employs about 20,000 people.