Stock Track | UMC Stock Plummets 5% After JPMorgan Downgrade

Stock Track10-31

Shares of United Microelectronics Corporation (UMC) plummeted around 5% on Monday after JPMorgan downgraded the stock from Overweight to Neutral, citing concerns over margin pressures.

UMC, a leading global semiconductor foundry, reported its third-quarter 2024 results earlier in the day. While the company's revenue and earnings beat analyst estimates, JPMorgan analyst Gokul Hariharan noted that the cyclical recovery in the semiconductor industry is getting priced in and downgraded UMC's stock.

In its earnings release, UMC reported a 6% year-over-year increase in revenue to NT$60.49 billion ($1.91 billion) for the third quarter, driven by strong demand for its 22/28nm products. However, the company's gross margin declined by 210 basis points to 33.8%, reflecting the impact of higher costs.

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