Amkor shares tumble after weak Q3 rev guidance; chip rout deepens

Amkor said late Monday it sees Q3 top line of $1.95 billion-$2.05 billion, while analysts had modeled about $2.1 billion in sales, according to LSEG data.

For Q2, sales grew 26% year over year to $1.9 billion and adjusted EPS came in at 70 cents, both topping estimates of $1.81 billion and 48 cents per share, respectively. CEO Kevin Engel cited record revenue in the company's Computing and Automotive and Industrial end markets.

Semiconductor packaging provider Amkor Technology's AMKR.O shares tumble 24.2% to $46 on Tuesday after its current-quarter revenue outlook was shy of Wall Street's expectations, and as chip names continue to sell off.

AMKR was on course for its steepest daily percentage decline since the pandemic onset in March 2020, as the Philadelphia SE Semiconductor index .SOX drops 4% amid concerns about hefty corporate outlays and rising Chinese competition biting AI chipmakers.

Reacting to the report, Morgan Stanley raised its price target to $70 from $69, while B. Riley reduced its target to $65 from .