Amtech Systems (NASDAQ:ASYS) stock is falling hard on Thursday after the electronics company released an update concerning its fiscal Q4 earnings report.
Amtech Systems notes that it hasn’t yet prepared its 10-K filing for the fourth quarter of 2023. However, the company is providing investors with some insight into its performance for the period.
The first bit of news that traders will want to note is its revenue for the quarter. Amtech Systems says revenue in fiscal Q4 comes in at $27.7 million. That’s worse than the $34.5 million Wall Street was expecting. It’s also a 14% drop year-over-year.
Bob Daigle, CEO of Amtech Systems, explains the reason for the poor revenue in the update.
“We experienced continued softness in demand across several of our end markets during the fourth quarter and have taken actions to reduce fixed costs and expenses. These actions include a reduction in force at each of our businesses, as well as a decision to exit the legacy PR Hoffman equipment business.”
What’s Next for ASYS Stock?
Amtech Systems provides investors with an outlook for its fiscal first quarter of 2023 in its latest earnings update. This has it expecting revenue for the period to range from $21 million to $24 million. That’s not looking good next to Wall Street’s estimate of $34.15 million for the quarter.
All of this news has ASYS stock down 30.9% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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