Why SkyWater Technology Stock Jumped 33.1% Today
Shares of semiconductor manufacturer SkyWater Technology (NASDAQ: SKYT) jumped as much as 33.1% in trading on Tuesday after the company reported fourth-quarter 2022 financial results. Shares have been gaining momentum all morning and hit their high at 12:10 p.m. ET today.
Revenue was up 69% in the quarter to $65.1 million, and the net loss was $3 million, or $0.03 per share, much better than the $27 million loss a year ago. Analysts were expecting a loss of $0.11 per share, so results vastly exceeded expectations.
For 2023, analysts are still expecting a $0.34 loss per share, although those estimates haven't been updated since earnings came out. It's possible the company gets closer to profitability given the strong revenue growth.
Source Fool.com
