Stock Track | Photronics Stock Tumbles Over 5% on Disappointing Q2 Results

Stock Track09-03

Shares of Photronics (NASDAQ:PLAB), a leading manufacturer of photomasks used in semiconductor production, plunged more than 5% in intraday trading on September 3, 2024, following the company's weaker-than-expected financial results for the second quarter of fiscal 2024.

Photronics reported revenue of $211 million for the quarter, a decline of 5.9% year-over-year and missing analysts' consensus estimates by 6.2%. The company cited softening demand and macroeconomic headwinds as factors impacting its performance.

In addition to the revenue miss, Photronics also fell short of analysts' earnings per share (EPS) expectations for the quarter. The company's guidance for the upcoming third quarter was also underwhelming, further exacerbating investor concerns about its near-term prospects.

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