FormFactor Q3 revenue beats analyst estimates on Foundry & Logic sequential segment strength
FORM•FormFactor’s fiscal Q3 revenue rose 38% year over year to $280.5 million, beating the $270.52 million analyst estimate, while adjusted net income also topped expectations. The company forecast Q4 revenue of $285 million, plus or minus $10 million.
1. Quarterly results
FormFactor reported fiscal Q3 revenue of $280.5 million, up 38% year over year and 8.6% sequentially, above the $270.52 million analyst consensus. Adjusted net income was $82.3 million, compared with an estimate of $68.6 million; net income was $73.8 million.
2. Segment demand
Foundry & Logic revenue grew 10% sequentially, with broad-based strength across multiple end applications. Systems segment revenue increased more than 20% sequentially on higher demand for co-packaged optics. The company said it increased output within its existing manufacturing footprint to meet rising customer demand.
3. Fourth-quarter outlook
FormFactor expects Q4 revenue of $285 million, plus or minus $10 million, and non-GAAP gross margin of 54.0%, plus or minus 1.5%. The company said its outlook reflects continued broad-based strength in demand.
