FormFactor (FORM) shares tumbled 11.97% in pre-market trading on Thursday following the release of its second-quarter earnings report that fell short of analyst expectations. The semiconductor equipment maker's disappointing results have sparked concerns among investors about the company's near-term growth prospects.

For the quarter ended June 30, FormFactor reported adjusted earnings of 27 cents per share, falling below the average analyst estimate of 30 cents per share. This represents a significant decline from the 35 cents per share earned in the same quarter last year. The company's revenue also saw a slight dip, decreasing 0.8% to $195.80 million, although this figure did surpass the Wall Street consensus of $190.17 million.

Despite the revenue beat, the earnings miss appears to be weighing heavily on investor sentiment. FormFactor's reported net income for the quarter came in at $9.09 million, with a GAAP earnings per share of 12 cents. The stark contrast between the company's performance and market expectations, particularly in earnings, likely explains the sharp pre-market decline. As of the last closing price of $34.42, Wall Street's median 12-month price target for FormFactor stands at $37.50, reflecting the challenges the company may face in meeting growth expectations in the coming months.