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What: Shares of Photronics (NASDAQ:PLAB) have gotten crushed today, down by as much as 11% after the company reported earnings.

So what: Revenue in the fiscal second quarter totaled $106.7 million, down 9% from a year ago and below the $108.5 million consensus estimate. That also led to a bottom-line miss, with Photronics posting earnings per share of $0.08, near the lower end of guidance and also shy of the $0.09-per-share profit that investors were expecting.

Now what: CEO Constantine Macricostas acknowledged that the company saw weakness at a "key Asian foundry customer," and flat panel orders came in as expected. Photronics hopes conditions to improve in the coming quarters, particularly within its high-end equipment deployments. High-end IC photomask sales were encouraging, up 31% sequentially.

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