Why Photronics (PLAB) Shares Are Falling Today - Photronics (NASDAQ:PLAB)

Photronics, Inc PLAB reported first-quarter revenue growth of 11% year-on-year to $211.1 million, beating the consensus of $201 million.
IC revenue was $156.6 million, up 21% Y/Y. FPD revenue was $54.5 million, down 9% Y/Y.
Adjusted EPS of $0.40 was in-line with the consensus.
"We made a great start to 2023 and grew revenue sequentially, as both IC and FPD high-end businesses improved due to ongoing design-driven demand," CEO Frank Lee said. "IC growth was driven by high-end demand from Asian foundries; FPD benefited from increased G10.5+ demand and continued strength in mobile displays."
"Profit margins were somewhat softer than the previous quarter primarily due to less favorable mix and somewhat lower customer premiums to accelerate delivery," added Lee.
Outlook: Photronics expects Q2 revenue of $205 million - $215 million (consensus $214 million) and EPS of $0.38 - $0.48 (consensus $0.47).
Price Action: PLAB shares traded lower by 11.15% at $16.01 on the last check Tuesday.

Photronics Shares Trade Lower After Sharing Cautious Q2 Outlook