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What: Shares of GT Advanced Technologies (NASDAQ: GTAT) have jumped by as much as 11% after the company reported better-than-expected earnings.
So what: Revenue in the third quarter came in on the low end of guidance at $110.1 million. That was down substantially from the $217.7 million in sales a year ago. The good news, though, is that the company was able to turn an adjusted profit of $0.01 per share, while investors were expecting a loss of $0.01 per share.
Now what: That bottom-line result was on the upper end of GT Advanced's previously issued guidance. It's also impressive that the company's efforts to reduce costs are proving successful, especially in the light of weak demand in its core markets and a tough macro environment. The company now has $480 million in cash and equivalents, so hopefully it can weather this storm until conditions improve.
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