Amkor Technology Falls 10% After Earnings Miss (AMKR)

Amkor Technology, Inc. AMKR announced after the market closed on Thursday that it missed consensus Wall Street estimates. The news sent the company's stock price falling. Amkor Technology, Inc reported 3rd quarter earnings of 30 cents per share, on revenue of $794 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 38 cents per share, on revenue of $803.1 million. President and chief executive officer Ken Joyce said, "Amkor set a new record for sales in the third quarter reflecting solid growth across all of our end markets, with notable strength in the consumer and communications areas. Gross margin was lower than expectations primarily due to an unanticipated shift in product mix to packages with higher material content. The lower gross margin, together with a foreign currency loss and increased income tax expense, led to lower than anticipated earnings in the quarter.” The company forecast 4th quarter net income of $60 million to $81 million, or 23 cents to 31 cents per share. Amkor Technology, Inc. (AMKR) closed Thursday trading at $7.38 per share, then fell 9.9% to $6.65 during after hours trading. Analysts covering the company's stock give it a consensus price target of 7.28 per share. Read more from Benzinga's Company news.