Shares of semiconductor testing and production equipment manufacturer Aehr Test Systems (NASDAQ: AEHR) plunged 17% through 10:30 a.m. ET on Friday despite exceeding analyst targets for both sales and earnings in its fiscal Q1 2024 report last night.

Heading into earnings, analysts had forecast Aehr would earn $0.16 per share, pro forma, on sales of $19.2 million. In fact, Aehr earned $0.18 per share on sales of $20.6 million, beating on both the top and bottom lines.  

And that wasn't even the best part. Aehr reported astoundingly strong 93% sales growth for its first fiscal quarter 2023.  

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Source Fool.com