FormFactor's stock surged 12.98% in the after-hours session on Wednesday, following the release of the company's first-quarter financial results.

The significant rally was primarily driven by the company reporting better-than-expected earnings. FormFactor announced adjusted earnings per share of $0.56, surpassing the analyst consensus estimate of $0.45 by 24.44%. Quarterly sales reached $226.144 million, also exceeding expectations and marking a 31.97% increase compared to the same period last year.

Adding to the positive sentiment, Evercore ISI Group raised its price target on FormFactor to $133 from $80 while maintaining an In-Line rating on the shares. The strong financial performance, highlighted by substantial revenue growth and a significant earnings beat, served as a key catalyst for the stock's recovery after recent sector-wide pressure.