Amkor Technology Falls 9% After Missing Estimates (AMKR)

Shares of Amkor Technology, Inc. AMKR are currently down 9.2% at $6.70 per share during Friday morning trading. Today's trading range for shares of Amkor Technology, Inc has been between $6.38 and $6.82 per share. The consensus price target of analysts covering the company's stock is $7.28 per share. Volume of 2.6 million shares is already above the daily average volume of 2.4 million shares. Amkor Technology, Inc. (AMKR) released financial results on Thursday after the market closed that missed Wall Street estimates. Amkor Technology, Inc reported 3rd quarter earnings of 30 cents per share, on revenue of $794 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 38 cents per share, on revenue of $803.1 million. The company provided 4th quarter net income guidance of $60 million to $81 million, or 23 cents to 31 cents per share. Ken Joyce, president and chief executive officer of Amkor Technology, Inc, 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.” Read more from Benzinga's Company news.