Why Coherent Stock Popped Today
Shares of Coherent (NYSE: COHR) are up 16.4% as of 12:15 a.m. ET Tuesday after the optical materials and semiconductor specialist announced better-than-expected quarterly results.
For its fiscal second quarter ended Dec. 31, 2023, Coherent's revenue declined 17.4% year over year to $1.13 billion, translating to adjusted (non-GAAP) earnings of $86.4 million, or $0.36 per share (down from $0.95 per share a year earlier). Analysts, on average, were only modeling earnings of $0.25 per share on revenue of $1.11 billion.
In its quarterly letter to shareholders, Coherent management wrote that near-term growth and visibility continue to be negatively impacted by macroeconomic uncertainty. At the same time, however, Coherent not only saw signs of improving demand during the quarter, but also anticipates continued sequential improvement through the end of the fiscal year.
Source Fool.com
