Investors in semiconductor manufacturing equipment maker Photronics (NASDAQ: PLAB), which makes the "photomasks" used to transfer circuit patterns onto semiconductor wafers, are putting on a happy face on Wednesday. Shares of the chip equipment maker surged 15.8% higher through 12:10 p.m. ET after beating earnings.

And why are they surging? Because instead of the $244 million revenue and $0.53-per-share (pro forma) profit that Wall Street had predicted for Photronics' fiscal Q4 2023 report, Photronics just reported $227.5 million in sales, and $0.60 in earnings (also pro forma).

And CEO Frank Lee pointed out that Q4 marked the wrapping up of Photronics' sixth straight year of reporting record sales growth.

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Source Fool.com