Amkor Technology Inc (NASDAQ:AMKR) reported better-than-expected second-quarter financial results and issued third-quarter sales guidance above estimates on Monday.
Amkor Tech reported quarterly earnings of 22 cents per share which beat the analyst consensus estimate of 16 cents per share. The company reported quarterly sales of $1.51 billion which beat the analyst consensus estimate of $1.42 billion.
Amkor Tech said it sees third-quarter GAAP EPS of 34 cents to 48 cents and sales of $1.875 billion to $1.975 billion.
“We delivered second quarter revenue of $1.51 billion, up 14% sequentially and above the high end of guidance, with double-digit growth across all end markets,” said Giel Rutten, Amkor’s president and chief executive officer. “Amkor is strengthening its strategic presence in AI, HPC, and other technologies reshaping the industry. Our strong customer relationships and broad geographic footprint make us an ideal partner to deliver next-generation solutions.”
Amkor Technology shares gained 17.4% to trade at $24.92 on Tuesday.
These analysts made changes to their price targets on Amkor Technology following earnings announcement.
- Needham analyst Charles Shi maintained Amkor Tech with a Buy and raised the price target from $22 to $28.
- Morgan Stanley analyst Joseph Moore maintained Amkor Tech with an Equal-Weight rating and raised the price target from $19 to $20.
- JP Morgan analyst Peter Peng maintained the stock with an Overweight rating and raised the price target from $25 to $27.
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