What happened
Shares of Amkor Technology (AMKR +4.14%), a leading provider of semiconductor packaging and test services, jumped as much as 16.5% on Tuesday following the company's third-quarter earnings report. At the time of this writing, the stock is up 10.3%.
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So what
Bullish investor sentiment toward the stock on Tuesday is likely driven by Amkor's better-than-expected revenue and earnings per share. Third-quarter revenue and EPS were $1.09 billion and $0.25, respectively, beating analyst expectations and coming in at the high end of management's guidance. On average, analysts were expecting revenue and EPS of $1.06 billion and $0.21, respectively.
Management attributed the solid quarter to "notable strength in smartphones across multiple tiers." Furthermore, the company said sales in automotive, Greater China, and advanced SiP all increased sequentially.
Now what
CEO Steve Kelley was notably upbeat about Q4, saying "demand is solid in nearly all end markets."
Amkor's guidance for fourth-quarter revenue in the range of $990 million to $1.07 billion and net income of $46 million to $82 million would bring full-year net sales and EPS to about $3.9 billion and $0.55, up from $2.9 billion and $0.22 in 2015.
