Why Axcelis Technologies Stock Plummeted Today
Shares of Axcelis Technologies (NASDAQ: ACLS) sank in Tuesday's trading. The stock ended today's session down 12.3% and had been down as much as 14.6% earlier in the day.
The supplier to semiconductor makers reported its fourth-quarter results after the market closed on Monday and actually delivered sales and earnings that came in significantly ahead of the average Wall Street targets. But despite the fourth-quarter beats, the company issued forward guidance that disappointed investors.
Axcelis reported earnings per share (EPS) of $1.54 on revenue of $252.42 million in the fourth quarter, beating the average analyst estimate's call for per-share earnings of $1.25 on revenue of $244.95 million. Sales for the period were down approximately 19% year over year but still managed to come in ahead of Wall Street's target.
Source Fool.com
